Swing Trade Idea: Exide Industries
Simple Price Action Analysis:
The level of 170-180 has been a strong supply and demand zone in the history of this stock. In the early years, this zone acted as heavy resistance zone. However after giving a successful breakout in 2nd half of 2017, this resistance zone was converted into support zone. This support zone was broken during previous year due to COVID crash. The stock gave a successful breakout out of these levels in the 2nd half of 2020. Now it is again acting as a support zone.
What to do?
We can buy at these levels for a target of 200 or above 200 with a strict SL of 165. This makes a RR ratio of around 1:2.5. Very safe bet.
Disclaimer:
This is not a buying recommendation. Please consult your financial advisor before taking any decision.
The level of 170-180 has been a strong supply and demand zone in the history of this stock. In the early years, this zone acted as heavy resistance zone. However after giving a successful breakout in 2nd half of 2017, this resistance zone was converted into support zone. This support zone was broken during previous year due to COVID crash. The stock gave a successful breakout out of these levels in the 2nd half of 2020. Now it is again acting as a support zone.
What to do?
We can buy at these levels for a target of 200 or above 200 with a strict SL of 165. This makes a RR ratio of around 1:2.5. Very safe bet.
Disclaimer:
This is not a buying recommendation. Please consult your financial advisor before taking any decision.
Note
SL hit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.