How to trade possible short term setup on IndusInd bank ltd?
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How To trade ABC pattern formation on 30 Mins chart of IndusInd bank ltd
1. Price has formed ABC pattern on 30 mins chart (clearly marked as points ABC on chart).
2. A-B retracement is approx. 0.50% which is acceptable criteria for A-B retracement.
3. Marked fibonacci levels (0, 0.236 and 0.382) by using fibonacci tools on range B To C.
4. On this ABC setup, Price crossed 0.382 first time on 23rd march 2023 (marked the date on chart as well) and retraced back to 0.236 and 0.382 levels of fibonnaci and hovering around the same levels.
5. IMPORTANT: Wait for price to cross again 0.382 fibonacci levels, which is price as 1027 (also in chart marked as entry level) keeping stop loss of 1010 (which is below 0.236 fibonacci levels) for the target of 1073.65-1086.55 (which is Point B candle low and high price)
6. RSI divergence occurred as well and same has been marked on charts, which is good indication
7. On fundamental grounds: IndusInd Bank Ltd.’s Revenue was higher than average estimate 3 times in past 3 years.[/I]
Note for everyone who came across this study:
1. Price has formed ABC pattern on 30 mins chart (clearly marked as points ABC on chart).
2. A-B retracement is approx. 0.50% which is acceptable criteria for A-B retracement.
3. Marked fibonacci levels (0, 0.236 and 0.382) by using fibonacci tools on range B To C.
4. On this ABC setup, Price crossed 0.382 first time on 23rd march 2023 (marked the date on chart as well) and retraced back to 0.236 and 0.382 levels of fibonnaci and hovering around the same levels.
5. IMPORTANT: Wait for price to cross again 0.382 fibonacci levels, which is price as 1027 (also in chart marked as entry level) keeping stop loss of 1010 (which is below 0.236 fibonacci levels) for the target of 1073.65-1086.55 (which is Point B candle low and high price)
6. RSI divergence occurred as well and same has been marked on charts, which is good indication
7. On fundamental grounds: IndusInd Bank Ltd.’s Revenue was higher than average estimate 3 times in past 3 years.[/I]
Note for everyone who came across this study:
- This is only for educational purpose.
- This is not buying or selling recommendations.
- I am not SEBI registered.
- Please consult your financial advisor before taking any trade.
Note
Target Achieved without any issues!!Note
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