Equitas is trading in a parallel downwards channel. It formed a bearish harami candle on daily charts. Price rejection can be seen from top of the channel. Shorts can be initiated at CMP with easy targets of 100-95-90. Stoploss can be kept at a closing above the upper trendline.
Trade active:
Price moved in our desired direction. After testing the upper level of resistance we saw a price reversal. Eyes on our first target of 100 for tomorrow.
Comment:
Target of 100 was achieved today. :)
Comment:
Still moving in our direction. Target of 95 should hopefully be achieved in next couple of trading days. You should be looking to offload your positions around that level as we'd be trading around support. If you are going for 90 levels then I'd suggest trailing your SL aggressively.
Comment:
I have closed my personal position in this trade @ 96. Should still touch the bottom trend line once if no major positive news comes out during the holidays. Might re enter the trade after Diwali after looking at market conditions.
Trade closed manually:
Price might bounce back to 100+ levels. Exit and book profits.