DEEPAKNTR has formed a descending triangle channel in 1 hour time frame over the last few days. Theoretically a descending triangle breaks out downwards.
The price is currently hovering just above the lower side support of the triangle pattern suggesting a breakdown.
Look for SHORTING opportunities after confirmation of breakout in intraday BELOW 480 levels.
TARGET is suggested @ 461
NOTE: Trade with confirmation of momentum & volume on lower timeframes, BEWARE of a fake breakout.
Comment
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Day's low @480.80
Order cancelled
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480 levels not breached. No shorting opportunities.
Trade active
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Watch for breakout.
Trade closed manually
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Although price reached target levels after 480 level was broken, it wasn't achieved intraday as planned.
@tradepurge (am new here) Is 460 a good support and buying/averaging opportunity? can it go further down?
long term view is support to be quite positive.
tradepurge
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@opal_16, According to me 475 - 485 is also a good support zone. Bullish above it.
opal_16
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@tradepurge, Thnks. it did seem to reverse from that point.