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.
Comment:
SL hit