Reasons for going short and setup: 1) About to break from Head & Shoulders pattern. 2) Trading below 100 and 50 EMAs 3) Selling pressure seen as it is near around all time high.
Setup: Entry: After breakdown from neckline with good volume. Ideal entry below 850.50. Stop Loss: Can keep at 856.00; slightly above the support zone. Target: First target near 840.00 levels where is a support. RR Ratio: 1.75 (Entry - 850.00; SL - 856.00; Target - 839.50)
Reasons for going Long and setup: 1) Some good buying seen near the support zone which can lead to breakout from the trendline. 2) Still trading above 200 EMA.
Setup: Entry: Can enter after breakout from trendline with good volume. Ideal entry at or above 864.00. Stop Loss: Can keep at 852.00 - 853.00; slightly near and below the support zone. Target: First target near 880.00 levels where is a resistance. RR Ratio: 1.5 (Entry - 864.00; SL - 852.50; Target - 880.00)
@Tapechand, see it moved in other direction... always watch for dieergences around trendline breakout... happy trading
Rajesh_S
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@Tapechand, yes, bro..i too was expecting and confident for long only...if only there was breakdown and close below the neckline i would've taken short.