An open below the immediate support could retest the lower support at 394 ish which is unlikely imo as we are in a strong uptrend. We could expect the overhead position to be broken with volume in the next trading session which will take us to the next resistance level. For positional Trade, a good strategy would be wait for a bounce from the immediate support or break of support before taking positions. If it breaks support positions can be taken on the next support with a stop loss at 389 ish. For intraday, an ideal spot to open positions would be around 405 ish.
This is not and financial advice. So trade at your own risk.
This is not and financial advice. So trade at your own risk.
Trade active:
Dabur had a good run today. Just as said before it took off from 405 ish, hit our resistance at 419.8 and closed just below it. Tomorrow's opening is crucial. The RSI is pretty oversold so there's a good chance that it will retrace down to the support levels marked in the chart. A bounce from the first support level, and a break of overhead resistance could take us to 430 levels pretty fast. A open above the overhead resistance would do the same. However a retrace to support is very likely before continuation of the uptrend.
Again, This is not a financial advice
Dabur had a good run today. Just as said before it took off from 405 ish, hit our resistance at 419.8 and closed just below it. Tomorrow's opening is crucial. The RSI is pretty oversold so there's a good chance that it will retrace down to the support levels marked in the chart. A bounce from the first support level, and a break of overhead resistance could take us to 430 levels pretty fast. A open above the overhead resistance would do the same. However a retrace to support is very likely before continuation of the uptrend.
Again, This is not a financial advice
Trade active:
Just as expected, we went down to our first support zone twice during the first half, accumulated and went up again. If we can hold the 319-320 levels in the morning session tomorrow we could run up to 435. However if we break 419 (which is unlikely), we could again test 414 which has proven to be a very strong support..
Good luck
Good luck
Trade active:
A break of the trendline would close the trade. Could expect a bounce from current levels
A break of the trendline would close the trade. Could expect a bounce from current levels
Trade active:
Dabur has been respecting our uptrend channel and the support at 414 levels very well. Every time it hits the trendline, it bounces. We can expect an upmove in the next session
Comment:
Setup for tomorrow