Swing Trade: BRITANNIA is ready to go up due to short covering
I hope everything is well explained in the chart itself.
BRITANNIA INDS is forming a "W" pattern in daily timeframe.
Market View: Bullish
Buy Zone: (3590-3630)
Target 1: 3700 -3709
Risk: reward = 1:3
PS: Since 3700 is a psychological level so before crossing 3700 price may fluctuate more than usual. So be careful with trailing stop loss.
Target 2: 3850
Risk Reward: 1:7 from initial buy zone, 1:3 from target 1 as buy zone
PS: Need to be hold more than 1 week to achieve this target.
Stoploss: 3555
Reasons to go bullish in this stock.
Timeframe: Daily
- Awesome Oscillator (AO) showing bullish crossover.
- Close price is trading above: 21 EMA, 50 EMA
- RSI is above 60
- Close price is above R1 in pivots points
BRITANNIA INDS is forming a "W" pattern in daily timeframe.
Market View: Bullish
Buy Zone: (3590-3630)
Target 1: 3700 -3709
Risk: reward = 1:3
PS: Since 3700 is a psychological level so before crossing 3700 price may fluctuate more than usual. So be careful with trailing stop loss.
Target 2: 3850
Risk Reward: 1:7 from initial buy zone, 1:3 from target 1 as buy zone
PS: Need to be hold more than 1 week to achieve this target.
Stoploss: 3555
Reasons to go bullish in this stock.
Timeframe: Daily
- Awesome Oscillator (AO) showing bullish crossover.
- Close price is trading above: 21 EMA, 50 EMA
- RSI is above 60
- Close price is above R1 in pivots points
Trade closed: stop reached
Trade closed: target reached
Comment:
Second target also reached. Cheers!!