Technically speaking, Angel one has been forming a higher high and higher low structure for some time now so two types of trades can be initiated here: one is buying the stock when it closes above 1660 with stop loss at 1630, targets of 1720 and 1765 which is also the 1.618 fib ratio. However, this should only be done if there’s confirmation from volume as well as closing filter applied for 2 bars closing together or more before initiating trade. On the other hand, short trade could also be initiated if Angel one closes below 1555 with SL of 1580, Target of1525 and 1475 as RSI is in Overbought Zone.
Overall probability of success would depend upon whether breakout happens or not, since we have seen stocks consolidating within channels over past months, chances are higher for successful Short Trade than Breakout Trade. Hence once should be flexible while taking any position
Overall probability of success would depend upon whether breakout happens or not, since we have seen stocks consolidating within channels over past months, chances are higher for successful Short Trade than Breakout Trade. Hence once should be flexible while taking any position
Comment:
Target 1 reached
Comment:
Target 2 reached