NeeteshJain

CNXIT: POSITIVE CHANNEL SETUP

Long
NSE:CNXIT   NIFTY IT
It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as resistance.

Target: 10150
Stoploss: 9200
Risk Reward: 1:1
Trade closed: target reached: Target reached successfully, IT looked strong. Regards
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