There's some interesting price action happening in Edelweiss Fin After a strong base formation it gave a Breakout with good volumes expansion. It retested thrice on the same support of 51 giving the stock a strong bounce every time. After it broke out it halted and started going for a pullback and that too with dull and weak sellers' interest and this low volume pullback suggests a good retest and if you are having a low risk appetite then prefer going in after it shows a sign of reversal like a hammer to make sure it respects the support zone around 65 and if it somehow goes below. I have kept a logical stop loss below 59-60 where lies another resistance turned support! Below it the structure fails and an exit should be made. Position size according to risk appetite and use strict exit rules, I would prefer a close below 58 to trigger my SL as a wick is frustrating but at that time will update here in comments if the price approaches that zone.
If we talk about targets we have the next resistance 20% from here I.E. at 77. so we get 1:2 if it hits our target.
To add more conviction I have added the volume POC that suggests the highest traded zone and it lies around the second support zone of 60.5. Another strategy can also be used to scale is by adding half @ CMP & half @ 60.5
THIS IS NOT A FINANCIAL ADVISE & KINDLY DO YOUR OWN ANALYSIS/RESEARCH..
Thanks for reading!
If we talk about targets we have the next resistance 20% from here I.E. at 77. so we get 1:2 if it hits our target.
To add more conviction I have added the volume POC that suggests the highest traded zone and it lies around the second support zone of 60.5. Another strategy can also be used to scale is by adding half @ CMP & half @ 60.5
THIS IS NOT A FINANCIAL ADVISE & KINDLY DO YOUR OWN ANALYSIS/RESEARCH..
Thanks for reading!
Trade closed: stop reached