Gail going for a dip after ATH. Bearish move expected.

Mambotrade Updated   
Gail has given a nice bullish rally after crossing the previous ATH of 131.5.

There has been a 30% bullish rally. It has formed a double top and once it starts trading below 155.80 level it will confirm a "M" pattern too,

Today there was a nice sell of in the stock and it closed 5.5% lower with good volumes.

Even the RSI indicator is showing a bearish divergence on the daily charts. Chances are thereof it testing the lower levels around 151 and 147.

Target levels :- 151.7, 147.5, 142

It has closed below 38.2% fibonacci level, will come to test 50% and further targets of 61.8%.

Wait for the stock to cross today's low after a flat or slight gap up opening.

The retracement after forming a new high is remaining in the stock. And profits will be booked by the swing trades.

Keep in mind the R:R ratio and SL while entering the trade.
Order cancelled:
The stock has reversed and formed another high.

No entry triggered.


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