Chart Study- ABFRL, BHEL, ITC, EDELWEISS, INFRATEL, BOSCHLTD
The analysis done below is purely based on price action & chart patterns.
Double Bottom (W) Pattern is a popular chart pattern in price action trading.
In ABFRL chart (Daily TF) that I have shared here, traders can note that the second bottom is formed above the first bottom. (same is described with help of small image in the chart)
In such cases where the second bottom is formed above the first bottom, the price usually breaks the next resistance level which is above the starting point of "W" pattern. (for clarity, refer the W pattern drawn in the box).
Same has happened in ABFRL twice.
I have observed similar patterns in formation in following stocks -
(1) ITC
(2) INFRATEL
(3) EDELWEISS
(4) BHEL
(5) BOSCH
Weekly Charts of above stocks are posted here with potential targets.
Traders can enter into the trade as per their own setup & risk management.
Also, pls comment the name of any other stock which is forming similar pattern.
Double Bottom (W) Pattern is a popular chart pattern in price action trading.
In ABFRL chart (Daily TF) that I have shared here, traders can note that the second bottom is formed above the first bottom. (same is described with help of small image in the chart)
In such cases where the second bottom is formed above the first bottom, the price usually breaks the next resistance level which is above the starting point of "W" pattern. (for clarity, refer the W pattern drawn in the box).
Same has happened in ABFRL twice.
I have observed similar patterns in formation in following stocks -
(1) ITC
(2) INFRATEL
(3) EDELWEISS
(4) BHEL
(5) BOSCH
Weekly Charts of above stocks are posted here with potential targets.
Traders can enter into the trade as per their own setup & risk management.
Also, pls comment the name of any other stock which is forming similar pattern.
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