AbhishekHSinghCMT

CNX IT- Revist -Sell Setup below Rising Trend Line

Short
NSE:CNXIT   NIFTY IT
10
Once Rising trendline gets broken decisively - likely it heads next swing low for support which comes in the zone 9765-9800 zone.

Once it takes support we will search for buying opportunity. In upside move 10590 & 10550 are the levels where bears have troubled or was a strong supply zone , so we will look for a move above 10600 in coming days as confirmation that CNX IT wants to head upside.

Previous Update- W = Y = Z equation solved

Trade active: 14:11 Hrs 19th Jan2017

Last Price@10185

A negative running candle for the day from 10250 to 10175.
Trade active: 13:20 Hrs 20th Jan2017

Day's Low@10142

2nd negative candlestick
Trade closed: target reached: 12:15 Hrs 31st Jan2017

Last Price@9758

Day's Low@9734

Kissed the target zone 9765-9800 -here there is support we will wait for the market to show us the way next & should not hurry.

Trade active: 18:00 Hrs 2nd Feb2017

Last Price@9926

After falling below rising trendline & kissing the target zone- some hope as it started rising back.

Trade active: 22:27 Hrs 3rd Feb2017

Last Price@10025

2nd Green Candle done for the day.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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