SUNPHARMA - Pullback in long term uptrend now complete

- Consolidation below highs over. Turning back on the daily charts as well as weekly charts
- Bull trend on weekly charts started in 2020 - and the past 2 months were a longer term pull back in this bull trend
- Stop Loss - 950 which is the median of the level at which consolidation started
- Price Target - 1050 which was the previous high
- Low Risk / Higher Probability Trade - Sell 1000 - 950 put spread and collect theta. IV at 24% is decently high for this stock
- Higher Risk Trade - Buy 1000 - 1050 call spreads and close them when the stock gets to 1030 or so
Disclaimer & imp rules
* These are merely ideas and not a recommendation to take a trade
* Trade small size & keep a wide stop loss (atleast 1.5 ATR). Dont fall into the trap of tight stop losses & big positions
* Be patient when in the trade - the stock doesnt know you or care about your feelings.
* Be ruthless with cutting trades that hit your stop
* Be patient & wait for trades to come to you. Do not chase stocks - that only ends in disaster
Nota
Take 50% profit if not done so already - hold the rest for target of 1070 - previous highOnce at 1070 we will re evaluate
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Penerbitan berkaitan
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.