balkrishna ind looks bullish in short to medium term

in weekly it is in strong uptrend,

in daily, hammer formed at uptrend channel support + horizontal support, price should reverse and go up from here.

sl - 1573, 1st tgt - 1732, tgt2 - 1800
Trade active: reversed and closed at 1659.25
Trade closed: stop reached: channel support broken.


Why the stop is far away? can't it be a close just below the channel? and wont the bullishness confirm after a firm close above the hammer?
@Parasuram, i think a stop at 50ema 1605 should work
ParamjitMahapatro AbhishekHiremath
@AbhishekHiremath, @Parasuram , yes a sl just below the horizontal/channel support would work, I put sl around the second support level, because, its result is yet to come, and volatility may rise, and some times a predefined sl may get triggered due to intraday swing.
bearishbull1968 ParamjitMahapatro
@ParamjitMah apatro in sync. with u r view. nice trade set up :)
+1 Reply
ParamjitMahapatro bearishbull1968
@bearishbull1968, Thanks :)
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