In a easy language if the price will cross 939 price there will be a fall. Currently price will penetrate and if cross 987 then possibility is it can go 1019. Stop-loss maintain 976 nearby
Also consider this stock have too many pin-bar the price movement is fast.
Pin Bar, which is short for 'Pinocchio Bar,' is a single candlestick setup that clues price action traders into potential reversals in the market. A pin bar is an elongated wick that 'sticks out' from price action. Traders will usually look for one-sided wicks that are two times the size of the candlesticks body.
----------Daily chart----------
In a daily chart the stock have already made head and solder pattern. After price rejection towards up, it break and went towards down direction. The stock is currently making a Symmetrical Triangle As the price moves toward the apex, it will inevitably breach the upper trend-line for a breakout and uptrend on rising prices or breach the lower trend-line forming a breakdown and downtrend with falling prices. Traders should watch for a volume spike and at least two closes beyond the trend-line to confirm the break is valid and not.
Jay Shree this time you made easiest way to describe your work which is as usual as par excellence. i am very much thankful to you on behalf of all those traders who follow you. thank you and continue this type of analysis in future too.
mneriyakb
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Madam I want your analysis on Tata Chemicals
Jay_shree
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@mneriyakb, ok, i will try to make analysis on it.
raj_rishav
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nice analysis - how about the data after the corrective wave, 1 (866-1015), 2 (1014-905), 3( 905 to 1060), 4(10160 to 939), 5th then looks like going up beyond 1060 before the next correction.