With the prior trend being an uptrend , observed a shooting star with the upper tail forming the recent high with increase in volume.Also,the shooting star is seen to be formed at the resistance suggesting a trend reversal.Furthermore,the RSI has just dropped from the overbought 70 region indicating that the trend is going to be bearish.To strengthen the analysis, the fibonacci retracement of the recent peak perfectly aligns with our target and recent the support level.

2 Comments
  1. V.VEDANAYAGAM 7 years ago

    Dear sir/madam
    Well. The plan is adaptable. Kindly let the typing of letters in the chart be big enough

  2. Author
    Aravind T 7 years ago

    Target was achieved on 13th April while the entry was on 11th April.

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