CANBK
I am posting this on request from one follower on Twitter.
This is only for positional long trade.
Observations:
1) On weekly time frame we can see that it has given good breakout of 200 level. In this week if it managed to sustain above 200 level then it will be good buy trade for short-mid term with target of 240-260-280.
Immdiate resistance is at 220 level. Sustainable breakout of it is needed for the bullish move to continue.
Please refer below chart : Weekly Time Frame.
2) On daily time frame, If we apply Fib retracement then we can see that it has given good upmove from 61.8% level of FIB retracement.
Please refer below chart : 1 Day Time Frame.
Further if for short term target if we apply the same retracement then we can see that easy target of 240 level on sustainable breakout of 220 level.
Please refer below chart : 1 Day Time Frame.
For Positional Trade
1) Safe new long positional trade on sustainable breakout of 220 level with quick target of 240 and mid term target of 260-280 and ultimate target 300. With SL of 195 level.
2) If one have bought at the peak or already taken position then they can have a chance of accumulating if it gives any dip till 200/208 level. And if it sustain above 200 level and gets support from 200 level range then it will start upward journey.
Breakdown of 200 level will make it bearish. SL will be 195. Also better to trail your SL.
Hope I made it easy to understand it.
Note: Trade with Strict SL. This is my personal opinion. Consult your financial advisor before taking any trade.
