SafeTrader1976
Long

Balkrishna Indu - Channel

NSE:BALKRISIND   BALKRISHNA INDS
During Year 2018, stock is nicely moving in upward channel. Every time its took
support near lower line (78.6%) of Channel & manage to bounce till 127.2% of previous down fall.
After that took resistance near 127.2% & falling till minumum 78.6% of upmove. As per previous chart dated 26.08.2018 though our trading SL hit but stock nicely respected its resistance level & fallen till support of channel (78.6%).
Stock is also at support of 200 EMA (Low).
This time again stock has taken support @ 78.6%, where channel support also comes.
If this time also support respected & manage to bounce then its risk reward looks favourable for long.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.ed Financial Advisor.
Sep 21
Trade closed: stop reached

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