The stock has come down to a long-time support trendline. If trend reversal is shown in coming sessions. It can deliver 10 to 20 percent in the coming weeks. Levels are mentioned on the chart. For learning and sharing purposes only, not a bit of trading advice. Please comment with your views. We stand patiently in losses but lose patience when in profits.
Trade active
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Although according to our setup our trade was closed. After closing 4-5 days below 470, the stock is again entering into the previous channel. Again opportunity comes if it crosses 486 and maintains over the levels. Targets are 510/570. Most importantly, the stop loss should be below the 470 levels or preferably that suit your money management. Because the market may be more volatile in coming sessions. For learning and sharing purposes only, not a bit of trading advice
I have a different point of view. the stock is in a downtrend for the last 5 months. MACD has done a bearish cross over a couple of days back. RSI momentum is also bearish. Plus, on hourly charts fast moving EMAs are below slow moving. It is a sell signal for me.
anandlive
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@Vaibhav_Shinde, You are right. it is in a downtrend for the last few weeks, that's why I picked this near long time support trendline. If sustains below 470 for a couple of days, we are out of the position. As I mentioned on the charts. After that, we will wait for 445/424. Thanks for the comments. Best of luck.