NSE:DEEPAKNTR If you analyse that from 5 th may stocks in downtrend ,yesterday it made bearish big candle and if you see stocks now at 0.236 Fibonacci retracement level so it mostly going down its also below 20 day EMA . Am expecting that it ll reach 0 level of fibonacci retracement which is around 1649-52 beacause there is no support in between till 1650 level. so you can short after it crosses 1710 level with around 20-25 stoploss...expecting target 1650 which is 1:2 risk :reward ratio. (chart timeframe hourly) caution: this is only analysis not prediction so trade with own risk.
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correction: short after it goes below 1700 level only SL around 1730-35 as 1:1 risk to reward ratio, target 1660-1640 and if further it goes down our target ll be 1600 level.
hello, if we consider some other data too then it show that there is a big support at 1700 and 1691. also stock are in oversold zone (not from rsi data). and according to rsi indicator big correction also happened and rsi goes down to 49 from 75. so, if its break 1700/1691 level then trend reversal is possible.
Stockeasy
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@lgosai638, thanks showing interest in my idea ,hey yes that may be approriate level to short, i stand corrected if it break 1700 level then next support at 1660-1640 n if further if it goes down then 1600 is target. i considered volume n candle size for support n on 14 th may it also rejected 1710 price hence i took that level. here no one is perfect,we can learn from each other n share knowledge. thanks