Welspun - nearing crucial support level (Triple bottom)

69 2
Reversal could be on cards as the scrip to managed to thrice, pullback from crucial support level in past 3 months
TP = 85, 94 Managing to break the resistance level 2 as earlier if nifty supports beyond 9600, bulls should manage to pull near 52 week highs
William% also in oversold stage
Comment: Doji candlestick formed around resistance-1
Will be taking call after wait & watch as the momentum can go either ways after large green candlestick engulf and then, doji formation thereafter..
Surging up could be breakout from channel and TP towards resistance - 2
Comment: Will start trading towards short TP (resistance - 2) and beyond after wait and watch as morning star can be seen presuming bulls in control
what should be the stop loss
amankavi nitish1712
@nitish1712, SL could be 70 if planning to take short ride till Resistance 1
If aiming for long run which the scrip can manage as seen earlier, for which my call would be 30-55 days for resistance 2, you can keep SL till 65
More the risk = more could be the reward
Do take this as opinion :)
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