SBILIFE Double top Breakdown ??!!!

Chart pattern look interesting for a short trade

Reasons

1. SBILIFE travelling in a Descending channel pattern( hourly time frame)
2. Now, it has formed a DOUBLETOP pattern (with a perfect High & Lower High as the two tops)
3. Lower low too formed on Friday, increasing our probability and thus Breakdown!!!
4. SL & Target levels mentioned @ chart as horizontal dashed lines(red & green)
5. 2 hr candle escaping out of the channel(yellow) can be less risky SL.

6. On 15th Feb(wed), Sbilife formed a Superb Bullish Engulfing day candle, but couldnot sustain.... showing the BEARS STRENGTH!!!!
7. 1113(1st target) level small gap remains unfilled!!!

Let's wait and watch how it moves!!!!


NOTE- Just sharing my view......not a tip nor advice!!!!

Transaction en cours:

At the perfect resistance level!!!

Commentaire:

still the trade setup looks intact!!!!

Commentaire:

good going as per pattern!!!

Transaction en cours

Transaction en cours:

1st target done!!!

Trade fermée manuellement:

2hr closing out of the trendline...better to exit and take entry afterwards

Commentaire:

looks like retracement to 1146 levels...

Transaction en cours

Commentaire:

2hr breakdown again!!!
target 2 onn!!!

Transaction en cours

Commentaire:

2nd target done!!!

Commentaire:

lower low formed....tested the low of 1st feb long bearish candle....

Trade fermée: cible de profit atteinte:

3rd target too done & dusted!!!
1045 support level
let's see if it break it or not!!!