It's in downtrend,
and trend continuation is what I follow as it provides a good R.R.R. ( in this case 1:4 )
Here, prices have trended down, consolidated, can be expected to move down more.
The good thing about this is that, if the very recent upmove continues and the stock gaps up above the line or immediately goes above the yellow line, we don't enter at all. Entry only when it shows clear rejection from that line. SL should still be maintained.
Trade closed: stop reached:
SL hit. Broke out of the trendline.
Watch if it takes support or breaks the trendline. Worse case is when it goes back and forth it. So look for big candles that will show strength in move, not necessarily but more probably.
@dravya, i seeing that u nd mr. bhatiya giving a long nd short call without confirmation.. Stock is near demand / supply zone (area) nd here i can,t tell a short or long call .. becoze anything can be happen here... so we should wait for confirmation .