1 DAY CHART
The cross channel trendline which acted as support previously was broken and the stock dipped.
The price has reached the cross channel again which can now act as resistance for a few days.
My view
Short term- (Sell) it can drop down to support levels back at 3350. Support from both moving averages and trendlines.
Long-term= (hold) as it is a Jan ce. It could go back, take support and have a strong up move.
The cross channel trendline which acted as support previously was broken and the stock dipped.
The price has reached the cross channel again which can now act as resistance for a few days.
My view
Short term- (Sell) it can drop down to support levels back at 3350. Support from both moving averages and trendlines.
Long-term= (hold) as it is a Jan ce. It could go back, take support and have a strong up move.
Trade active:
If you move to the 1-hour chart, you can see resistance and there can be a down trend starting.
If the stock does not take support from 10 MA in the 1 hour chart, you can book profits.
If the stock does not take support from 10 MA in the 1 hour chart, you can book profits.
Comment:
Correction* Not 10 MA, its 9 MA
Trade active:
Previous day was a gap-up opening. Every time there is a gap up opening, the gap will get covered. So the stock is still bullish as there is a strong breakout.