Arvind is trending inside the channel, getting ready to break. Price action in daily chart also shows weakness. We can short with the stoploss of 360 when it breaks the channel along with main index mighty nifty . Maximum target is 345.
Short at 363 with stoploss 367
This week I am checking what mistakes I am doing in trading entries. Trading entry against the main index and trading entry along with the main index.
370 is strong resistance, 320 strong support for Arvind. I checked daily chart. https://in.tradingview.com/chart/QtD56IkU/ When the price action forms bearish candlestick patterns at the resistance level, RSI clearly shows what will be the next movement. When RSI is above 50, price action breaks the resistance. When RSI isbelow 50, price action unable to break resistance, it goes back to support level.
This post is continued in "Arvind - Dow tenet 3"