Price has failed to test the earlier extreme, thus forming a double top. Now on the second run up, it formed a head and shoulder pattern indicating signs of reversal.
Scenario 1:
CMP is 497. If the prices breakdown below 491 with good volume then it will 480 which can be a small swing trade.
For short term positional , prices are expected to touch 450.
Scenario 2:
On the other hand, from the current level prices could get a small support and retrace to 510 level and then fall back on its course.
Either way the stock is expecting a correction.
Just my observation and purely for educational purpose.
THanks.
Scenario 1:
CMP is 497. If the prices breakdown below 491 with good volume then it will 480 which can be a small swing trade.
For short term positional , prices are expected to touch 450.
Scenario 2:
On the other hand, from the current level prices could get a small support and retrace to 510 level and then fall back on its course.
Either way the stock is expecting a correction.
Just my observation and purely for educational purpose.
THanks.
Dagangan aktif
As expected prices got a little support and retraced till 509. Entered @ 506.Now made a fall till 493.
Nota
Price gapped down and touched 485. Now it has closed the gap.Hence Booked half @ 490.
Trailed SL to 500 for other half.
Dagangan ditutup: sasaran tercapai
A good 35 point move. Closed my position in futures @ 471.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.