TF: 144 minutes
CMP: 4680
Price has completed 5 wave rise from 3046 which got ended/matured at 5165 on 16th May.
One could observe Slow distribution phase since the top made on 16th May and price has been trading sideways to downtrend since then.
Now the price has come out of the consolidation range, breakdown and retest being done at 4780 levels
The volume profile set up suggests strong resistance between 4900 to 5100
And the next major profile POC is at 4250 odd levels (with a pitstop in between at 4600 and 4500)
Clouds and EMA:
price is getting rejected at 50 DEMA and the next stop is likely at 200 DEMA and cloud bottom at 4400. Price has also broken down the Super Trend (Daily TF)
Daily RSI is below 40 and on MACD price is negative and trading below 0 line..
My take: For now, NO LONGS on this counter.. For short, my SL would be hourly close above 4800
CMP: 4680
Price has completed 5 wave rise from 3046 which got ended/matured at 5165 on 16th May.
One could observe Slow distribution phase since the top made on 16th May and price has been trading sideways to downtrend since then.
Now the price has come out of the consolidation range, breakdown and retest being done at 4780 levels
The volume profile set up suggests strong resistance between 4900 to 5100
And the next major profile POC is at 4250 odd levels (with a pitstop in between at 4600 and 4500)
Clouds and EMA:
price is getting rejected at 50 DEMA and the next stop is likely at 200 DEMA and cloud bottom at 4400. Price has also broken down the Super Trend (Daily TF)
Daily RSI is below 40 and on MACD price is negative and trading below 0 line..
My take: For now, NO LONGS on this counter.. For short, my SL would be hourly close above 4800
Trade active
Price is moving on expected lines..Trailing SL can be at 4680
Trade closed: target reached
Price is now at Clound bottom.. AVWAP from the lows could offer some support and bounce expected.. 200 DEMA is also around the corner at 4420 levels... not worth carrying shorts.. wait for a pullback..
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.