Dabur Ltd - Short

Hi Friends,

Refer to the Dabur , the Script has now reached the channel Top now the script can reverse to the support level .
Trend are in the Bullish Side. But Price Action evidence the script was in the parallel channel top which was in the range bound.

We are going against the trend based on the below facts:

1. Volatility of the script was in the peak
2. Stochastic RSI was in the overbought range at 2hr, Day and Weekly TF
3. CPR Resistance 1 was reached.
4. Channel Top was reached with confluence on Resistance line.
5. Script was in the Range Bound.
6. EMA 50 was far away from the value which was confluence to Stochastic RSI .

Entry: Tomorrow Open
SL - 622+13.50 - 635.50to 636 ( 1ATR Above 23rd August High)
Target - 574-571.
Trade active: Shorted @ 610 at Opening of Day on 24Aug2021
Thenali views
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Disclaimer: Kindly do your own analysis before executing the trade or
Contact your financial advisor and I am not a SEBI Registered Analyst.

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A H&S will form completely if it come back to 570 levels. and a break of those levels will take price further down. keep up the good work
+1 Reply
@architk - I think it will be inverted h&s pattern in continuation to the trend.. which raise the price further to break the channel.. Any how thanks for your comments. Do support us.
wht is the view for tomorrow of dabur plz tell sir
+1 Reply
@chintumiriyala - We must not predict the market. What Market does we need to accept it. We need to follow the trend instead of predicting the market. In this scenario, we are trading against the trend. Hence, we need to trail our Stop Loss. So my view on tomorrow on Dabur let move as per market direction.

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