Canara bank's price action is forming a line. As per Dow tenet "Lines indicate movement". Price is consolidating in the range 394.5 - 399.5. Break out in any direction will give a movement of atleast 10 pts. Sell below 394 .The targets are 390, 388 and 385. Stoploss is 397. Buy above 400 with the stoploss of 397. Targets are 404, 407 and 410 Analysis is based on TSI and Dow tenet.
Trade active
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Long @ 400
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First target reached.
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Got good chance to scalp in long side. Will see tomorrow how the price action will behave as short side got triggerred now.
Trade closed: target reached
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Good break out.
Comments
stocksinboxx
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that move from 387 to 378 was very quick....prudent to book some profit
vanathi
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@stocksinboxx, Yes, traders who had position at short side should have booked huge profit.
getsetrade
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range breakout. simple, yet always effective.
vanathi
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@getsetrade, Yes, sometimes range break out gives spike and knowing when the breakout happens is hard to predict .
It was canara bank result today....that's why spikes on both sides.Tomorrow it will move in the direction of what the market thinks about the result. A close above 405 will take it upto 420 levels.similarly a break below387 will take it to378
vanathi
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@stocksinboxx, During result time or after result, stock will have good movement. But today no movement. Hope it will give expected movement tomorrow. Thank you for sharing your view.
RaghuveerMunipalli
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Superb princess
vanathi
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@RaghuveerMunipalli, Thats scalping in long side. Thank you for the encouragement.