although it was given a huge breakout already i belief that there is further downside momentum in the stock.
Reason the stock just closed below its crucial support of 1131 and now will find resistance at that levels
Now understand this,
there are 3-sma 50/100 /200 it is clear that and 50 and 100 are taken out and the stock will test the 200-dma .
It is bound too,but that is not important for me the most important part for me is that the 50-dma is closing on the 100-dma and is just 20 points away from negative crossover that happens then its a indication for the stock that it is going to move on the downside.
Now the 200-dma is at 1035 and the next crucial weekly/monthly and daily support is at@1045-48.
So lets time the trade........
SHORT @ 1115-1120 WHAT EVER THE OPENING
STOP @ 1135
TARGET 1 @ 1090(SWING TRADERS)
TARGET 2 @ 1065(POSITIONAL)
TARGET 3 @ 1050(POSITIONAL)
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