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.
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