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Pennant pattern in JUSTDIAL (Monthly chart)
Looks Good Above: 500
Then: 535, 595 & 655
Looks Weak below: 450
Then: 420, 360 & 300
Symmetrical triangle pattern in SBIN (Weekly chart)
Looks Good Above: 300
Then: 322, 347 & 372
Looks Weak below: 250
Then: 236, 212 & 187
Ichimoku: The Ichimoku, is a versatile indicator that defines support and resistance, identifies trend direction and provides trading signals. There are two ways to identify the overall trend using the Cloud.
First, The Trend is up When prices are above the Cloud &The Trend is Down When prices are below the Cloud and flat.
When prices are in the Cloud. The key elements are as follows:
The Ichimoku chart consists of 5 parameters.
Tenkan-Sen: It is primarily used as a signal line and a minor support/resistance line, often known as the Conversion Line. It is a moving average of the highest high and the lowest low over the last 9 trading days.
Kijun-Sen: This is a confirmation line, a support/resistance line, and can be used as a trailing stop line. It is a moving average of the highest high and the lowest low over the last 26 trading days.
Chikou Span: Also called as the lagging span it is used as a support/resistance aid. It is today’s closing price plotted 26 days behind.
Senkou Span A: Also called as leading span 1, this line forms one edge of the Kumo or Cloud. The average of the Tenkan Sen and Kijun-Sen plotted 26 days ahead.
Senkou Span B: Also called as leading span 2, this line forms the other edge of the Kumo. The average of the highest high and the lowest low over the last 52 days, plotted 26 days ahead.
Ichimoku Cloud Super Touch
Reversal In BAJAJ-AUTO (Monthly chart)
Looks Good Above: 2625
Looks Weak Below: 2358
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