Auropharma-Enjoyed Crack 800 to 727- Trade The Trendline Basics!

Wow! The crack was awesome from close to 800 highs to 757 which was extended sharply to 727 lows for the day as per previous update.

Previous Update - False breakout above 800 - Story telling done at 727

What Next?
Let us trade the trendline support - basics of technical analysis 2 points to draw the trendline & 3 points to confirm the trendline- You got it correct it was a sharp push from 727 which is 3rd point on the trendline drawn from 503 lows & passing through 665 extended upside further for support at 727 - third support in blink of an eye situation which was witnessed by most of the traders in current day scenario.

Risky Traders
Look to trade in the zone 750-755 with stops below 725 for target 810-850-900.

Safe Traders
Look to trade above 810 for target 850-900.

Trade active: 14:45 Hrs 9th Nov2017

Last Price@790

Upside Run Started ?
Comment: 14:45 Hrs 9th Nov2017

Last Price@785

Never Run in the Trade Looking at others or at Day High so have patience & you will get your chance downside again
Trade active: 10:22 Hrs 10th Nov2017

Last Price@765

Melting Melting... from 800 to 765 - Wow! - We will get a chance to buy
Trade active: 10:33 Hrs 10th Nov2017

Last Price@765

Close to our buying range of 750-755 as suggested for risky traders with stops below 725 target is 850-900

Safe Traders - Now look to enter above 801-802 -Day High.
Trade active: 11:18 Hrs 10th Nov2017

Last price@758

Day Low@753.50 - Risky Traders - Are you awake!!!

Trade active: 12:43 Hrs 10th Nov2017

Last Price@755

I usually never predict bottoms but fairly confident in auro because of the move which happened yesterday fall to 725-727 & bounce to 770+ in record time.

So, I came up with 50% mid point which it did since morning -fall from 800 to 755 - Buying Zone as suggested 750-755

Once it starts moving above 760+ likely that is first indication for upside.
Trade closed manually: 13:09 Hrs 10th Nov2017

Closing this update.

He has shown me the path which I have put in this update.

You could be sitting next to the Auropharma explosion which all might talk about in next few days.

My help comes from the LORD, the Creator of heaven and earth!

May he bless all of us. Take Care!!!
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
I totally enjoyed your post and it is a great learning for novice traders like me. I just have one question that I would like to know and it is why do you think it will bounce of 750-755 and not go further down to 732-740 levels or even 723-728 levels, before resuming the upward movement. The reason why I am asking this is because with the EMA's crossing over, I think there still might be some more of a downtrend remaining, towards the support trend line, in few days to come.
@ArpitShivhare, That was fair guess as we are in the final leg of correction & so I gave buying zone 750-755 yesterday but I always warn traders that let market show its intent which is sustained move above 760 next. It could slip below 750 but have to hold 725-727 zone or this could be an important zone 750-755. So, we wait & see market intent.
prediction seems to be working :) entered at 755
@RajKA, 1st part is just over - we got the entry as if it holds then you know it is 800- Above 802 -it will target up -up & away.
@RajKA, came out at 746 :(
@RajKA, So did you enter close to 725-730 as 725 was crucial level- it bounced to 745 now back.
RajKA AbhishekHSinghCMT
@AbhishekHSinghCMT, oh nooo.. missed this due to lunch :).. anyways as you said there is always next time. will trade along with you
AbhishekHSinghCMT Religare-Begusarai
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