skbharathi

Cairn-india short setup

Short
NSE:CAIRN   None
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1
-cairn is moving in a channel like setup (more of looks like a wedge )
-the upper TL has resisted the price in previous occasions
-can this time also the price fall to the lower TL
-also the price has moved below 50 DEMA which has given a good support so far
-RSI indicating a reversal
-Can it reach a possible target of 265.60 with stop @ 289
Trade closed: stop reached: The price once again approached the upper TL, so the trade got stopped out.
Lesson: dont short a stock near its upper TL in a rising channel