nimbuz90
Long

Inverted head and shoulder formation

NSE:CHENNPETRO   CHENNAI PETRO CP
This setup is a short term scalp. The stock has formed an inverted head and shoulder pattern at the support zone . Hence we shall see this opportunity as a short term pullback move till 570.

Entry - Go long above 349 or enter when it pullbacks to 344 area.
SL - 338
T1 - 355
T2 - 360

For educational purpose.
Thanks.
Trade active
Comment: Target 1 done
Comment: Trailing my SL to 354 for the rest
Comment: Target 2 done. That was a good 3% upmove for an intraday trade.
Trade closed: target reached: All targets done. I personally closed my entire position at 360, but the price moved sharply till 370 as mentioned earlier. Nice move.
i have shorted at 369/- can i get some profit in it or should i exit at 372/- as my stop loss
Reply
nimbuz90 riteshtidke07
@riteshtidke07,

Hi. Shorting at this level is quite risky. The prices could go up till 380 if Nifty exhibits strength tommorow. The stoploss @ 372 seems to be a tight one. There will be a pullback once the bulls show some profit booking around the 370 zone but the chances of getting SL hit are high before you could see any profit.

My view is to book some profits on the opening when it retraces to 365-366 area. I am not a SEBI registered analyst. Kindly consult your financial advisor before taking any trades.
Reply
@nimbuz90, thanks for ur kind advice i have exited at 365 level..good analysis.
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