GRASIM: Evening Star with Resistance
Stock has formed a reversal candlestick pattern which is known as Evening Star on weekly time frame. Also there is a horizontal resistance which suggests that the trend developed from the bottom of 1274 is exhausted and stock is ready to turn from the current level.
In the Evening Star Candlestick Pattern, the first candle closes bullish and the second candle closes with a small range and, the third candle closes aggressively lower (more than 50% of the first candle).
Evening Star Explanation:
In the Evening star candlestick pattern, the first candle shows the buyers are dominating as the price closes higher.
On the second candle, there is indecision in the market as both selling and buying pressure are in equilibrium (that's why the range of the candle is small).
On the third candle, the sellers win the battle and, the price closes lower.
Trading Strategy: Keeping SL of 1790 go short on current levels and look for the target of 1590/1550
In the Evening Star Candlestick Pattern, the first candle closes bullish and the second candle closes with a small range and, the third candle closes aggressively lower (more than 50% of the first candle).
Evening Star Explanation:
In the Evening star candlestick pattern, the first candle shows the buyers are dominating as the price closes higher.
On the second candle, there is indecision in the market as both selling and buying pressure are in equilibrium (that's why the range of the candle is small).
On the third candle, the sellers win the battle and, the price closes lower.
Trading Strategy: Keeping SL of 1790 go short on current levels and look for the target of 1590/1550
Manish Bhardwaj (CMT L-1)
Analyst & Co-Founder
tradingsutra.com
waveutra.com
INSTAGRAM-
instagram.com/mansh_25
TWITTER-
twitter.com/mansh_25
YOUTUBE -
@TRADINGSUTRA @WAVESUTRA
Analyst & Co-Founder
tradingsutra.com
waveutra.com
INSTAGRAM-
instagram.com/mansh_25
TWITTER-
twitter.com/mansh_25
YOUTUBE -
@TRADINGSUTRA @WAVESUTRA
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