In this chart we can clearly see that this stock is moving in a channel and right now it is at the lowest level of the channel. I have marked with Flags about the touches it already made. Right now it is consolidating at lower levels and has stopped making new lows so expecting it to go back on the upside. Best part of this chart is if we go for the long side we can expect target of 6350 with very minimal stop loss of 5150. Lets calculate the risk to reward ratio:- Risk-400 Reward-800 So potential of 1:2 ,sounds good to me. Some people wanted an example of buying at support and what to look before entering into a trade so here it is.
Can be bought now ? SL breached. Since then narrow movement. Low 4965 on 27 Nov.20. Any update please ? if not now At what point it becomes a buy ?
LearnersParadise
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@LearningJoe, for this particular stock no buying opportunity is present acc to me.
Better look at other options rather than being stuck in one that is not performing