praveen.bhatiya

Classical Chart patterns in play Arvind

Short
NSE:ARVIND   ARVIND LTD
The chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could easily reach up to 320 level giving a good risk reward ratio.

Alternatively it may retest the 344 level and bounce from there to reach the target for the cup with handle pattern.

Let's see and watch!
Trade closed: target reached: Since it is bouncing at the level mentioned I've decided the close the trade with profit and would look for another trade.

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