IndiaBullsHousingFinance Monthly Analysis
Long Term View
IBULHSGFIN has made a Descending Triangle pattern on a Monthly Timeframe. Price has continuously taking resistance at Resistance Trendline in short it is respecting the Resistance Trendline, this is the indiacation of Valid Trendline and taking support at the zone which i have marked as Support Zone/ Demand Zone. Price has taken support 3 times on a monthly timeframe. Now price is at it's support zone. If price again establishes support at this zone and gives breakout to the resistance trendline and closes above it Then it will be a good long term long trade. We expect price will move further up But if price breakdown the support zone and closes below it Then it will be a good Selling trade.
Trading Psychology - For long term aggressive type traders initiate a buy at current level but close position if price breaks support zone, For long term conservative traders initiate buy after price gives breakout to the resitance trendline and wait for retesting after you can initiate a long trade.
Support Zone = 96.95-81.11
For long trade Stop Loss will be below 81.11
Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2)Do your own research and analysis 3)Define your Risk to Reward ratio 3)Don't trade with full capital
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Avinash K.
