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praveen.bhatiya

Classical trade using Trendline, Channel & Engulfing

Long
BAJAJ AUTO LTD (NSE:BAJAJ_AUTO)  
praveen.bhatiya  
NSE:BAJAJ_AUTO   BAJAJ AUTO LTD
Trend Lines regression-trend-channel Engulfing Candle Relative Strength Index (RSI) oversold NIFTY bajajauto
3
0
trendline regression-trend-channel engulfingcandle relativestrengthindex oversold nifty bajajauto
The stock is getting support at up sloping trend line. Probably we can use this pull back for entering a long at this level. My idea has following justification
1. closed out of downtrend regression channel
2.Made an engulfing covering the previous candle completely.
3. Trend line support.
4. Mostly at this level of RSI it changes the trend.
5. Trend reversal entry on 1st bar offers a good Risk to reward ratio.
I would take entry on Tuesday and see how it works.

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