Bravetotrade

AdaniP: Something Big Might be on the Cards

Long
Bravetotrade Mod Updated   
NSE:ADANIPORTS   ADANI PORT SPECIAL
Notes on the chart.

Regards.
Comment: Big player changing hands, we should let them settle down. A 5 minute closing above 403 should be waited.
Comment: Might be stopped out soon in this ugly price action :)
Trade closed: stop reached
Comment: This trade didn't work.
Let's see if I get an opportunity to test the second hypothesis near 397-398.
Comment: Bounced from support..let's see where it can take us.
Trade closed: target reached: First target hit same day. Position closed.
Comment:
The stock has been a very good example of 'how stocks sometimes do not move as expected'. In the first try i was hit with stop, so later I wanted to buy it low as per second plan. But stock came out of the channel, hit the mentioned support level and made a bullish bar. First target was hit quite fast.
Moral: Horrizontal support-resistance levels should be given more importance than trendlines and channels.
Have fun :)

JJ Singh
Full TIme Trader/Investor
Moderator, TradingView

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