? Thinking Buying at current price
Weekly
40 Support/ 200 MA
Daily
1. Price -Double bottom - also at previous supports
2. Pattern- In Triangle- Near Support- Multi Year
3. Volume Diversion - At 1st Limb High Volume- Seems Exhaustion Volume, then at second - Low
3. Volatility Diversion - BB - One limb is outside, the another is inside
4. RSI Diversion
Challenges
1. Daily RSI below 40-
Watch Daily Price action 12th Aug Onward- If 9th Aug 24, high crossed, Can be a good early entry with 12th Aug 24 low as SL.
2. Pyramid at 6900, ie swing high.
40 Support/ 200 MA
Daily
1. Price -Double bottom - also at previous supports
2. Pattern- In Triangle- Near Support- Multi Year
3. Volume Diversion - At 1st Limb High Volume- Seems Exhaustion Volume, then at second - Low
3. Volatility Diversion - BB - One limb is outside, the another is inside
4. RSI Diversion
Challenges
1. Daily RSI below 40-
Watch Daily Price action 12th Aug Onward- If 9th Aug 24, high crossed, Can be a good early entry with 12th Aug 24 low as SL.
2. Pyramid at 6900, ie swing high.
Comment
On 16th Aug 2024
Weekly Close above 200 SMA with Hammer formation
In Daily Time Frame- Bullish Kicker, Open above 14th Aug 24, Retested it and given good close. This is in itself a 7 star buy setup- high probability trade.
Weekly candle can be used as Signal Candle for long. with Candle low as SL.
Initial entry can be hedged in Future to minimize loss Eg. Future buy with Put buy. Once good follow up, Put can be close with trailing SL
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