After a steeper pole and failed Flag pattern, though the price hasn’t rallied much but since the pattern has appeared after creating All Time High (ATH), may be a false breakout (fake-out) and Bull Trap!!
—————————————————————————————–
Stock Ticker – NSE: BAJFINANCE – Bajaj Finance Ltd. – FINANCIAL SERVICES
Bearish Trade plan:
Entry Level 3494.8 Target 3410.5 Stoploss 3572
Analyst Rating – :4/5
View Posted on 2019-06-15
Hi,
Bearish piercing candlestick pattern is a bearish reversal pattern, usually occurring at the top of an uptrend.
If the previous trend is sideways movement it doesn’t act as a bearish piercing pattern.
Thank you for your prompt comment. As mentioned I’m expecting a decline since Bullish Flag failed and price did an All Time High, followed by Bearish Pierce. Let us follow for a few sessions. EoD 17/June closed at 3472.90 (-45.50, -1.29%) below Previous Low (minor Resistance) 3482.
Thank you Naresh for your guidance. Indeed it did not work & SL was hit yesterday creating a new ATH.