Trading Setups for 24th August, 2018
Trade Picker | Aug 23, 2018 12:58PM ET
Airtel has a weak looking chart with a failed breakout. It has put in an inverted hammer and looks to be heading downwards. There is some support near the 363 region, which if broken could propel prices as low as 345. What we see is also some failure to sustain everytime it tries to move higher. This is a good sign of a weak looking chart and an upcoming move lower.
- Trade Idea: Short Airtel below 363.
ORIENT BANK
Orient bank has shown good strength over the past few weeks. We see a cup and saucer pattern on the chart currently threatening a break-out. The moving averages are nicely aligned to the base of the consolidation with a hammer doji. A clean break of the 83-84 levels could trigger a serious move higher towards the 100 region.
Trade Idea: Buy Orient Bank above 84.
Disclaimer: This in no way in an investment advice. Please take trades as per your own understanding. Use your money wisely.
/h3
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