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3 Stocks in Price action Setups watch list

These 3 stocks will be in my watch list for coming days. We can expect some potential swing trading and positional trading setups from these stocks. As usual, these are not stock picks instead we patiently watch for specific Price action patterns formation in these stocks and take trades accordingly. To gently remind “Price action is about finding potential trading opportunities”, so we don’t care about market predictions. More over our trading process follow systematic risk management principles.

ICICI (NSE: ICBK) – Trading Near Structural Point

ICICI Bank share prices trading near structural point 330.00

Price action Analysis on weekly chart, it’s suitable for both swing and positional traders.
A classical price channel formation on this stock, the structure is in place since 2016, it offered multiple trading opportunities for range traders (Mean reversion setups). It formed a bullish breakout pattern on daily chart around resistance level 300.00 which makes it more interesting (many breakouts don’t succeed due to manipulation). At present, it’s trading near an important key level 320 – 330.00 (Structural point), observe the price action, patiently wait for specific setups or patterns then take trades

RURAL ELECTRIFICATION (NSE: RURL) – Sell off from Key resistance level

RURL Share prices sold off from key resistance level 220.00

Price action analysis on Daily chart, it’s suitable for swing traders.
Stock prices are trending higher since beginning of this year, which technically makes it an overvalued stock. The returns and performance was almost equal to Nifty. It rallied from 120.00 to 220.00 (recent high) within a span of 5 Months. Price behavior indicates a rush of buyers as there’s no proper corrections within the trend. After crossing 200.00, Bulls lost momentum and selling pressure ensured from key resistance level. Currently Bears are challenging the trend, so resulting price action might offer some good trading setups, keep an eye on this one.

TVS MOTORS (NSE: TVSM) – Another Trend trading setup in a row

TVSM Share prices has formed another trend trading setup at 550.00

Price action analysis on Daily chart, it’s suitable for swing traders.
TVS motors offered excellent trend trading opportunities for trend followers. Following the general trend of Bull market, it rallied from 350.00 to 550.00. Its total return outperformed the general benchmark Nifty 50! The main reason that contributed was consumer spending and improved economic growth which resulted in higher earnings also increased promoter holding. Right now we spot another trend trading setup around 550.00, though we can trade this setup; there are also possibilities of correction (due to overvalued trend). So watch and trade with a tight risk management.

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About the Author:

Balaji is a Speculator, Investor and Trader (All in All!!!) and self published author. Trading in the Markets since decade, have seen more ups and downs along with institutional trader's lifestyle. He usually trades Nifty, Bank Nifty, Commodities, Futures cum Options around both Indian and global Markets. Balaji applies highly analytical and systematic Price Action strategies He blogs passionately about Trading strategies, Price Action Trading, Technical analysis, Macro events, Market setups, Financial and Economical topics. Apart from Trading and Blogging, Balaji also mentors aspiring Traders and Investors on becoming successful in highly competitive financial Markets.

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