Day Trading Stocks & Futures

Raj232

Well-Known Member
View attachment 43708

Pattern traders, please confirm is it a correct Megaphone pattern?
thank you
Yes, It is a megaphone pattern as per me. However, which way the price will move is important. Seems it is still in uptrend...

As far as I know corona virus pandemic is over, the hype is ongoing and moneymaking by media, hospitals and babus involved. Nobody even needs the vaccine anymore, as the vaccine may do more harm than good :)

But still the prices will continue to move as long as the hype is on..

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True indeed, have to see how it behaves at BO else failure can be viable trading setup.
Food for thought, I have no clue how to trade the Megaphone pattern. Assuming that the failure is at the top which is roughly at about Rs 240.That means one has to wait for the price to move 36% from here to know if it fails or breaksout. Why not buy it now and sell when it at 240 and wait for breakoput meanwhile pocketing 36 % gain.

An alternate way of looking at the chart. Rising upward channel and a double top resistance near 203 - 211. which translates to 15%. Still an upside of 15% is there.Ofcourse if assuming one is planning to buy. I may be completely wrong here.

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