First lets talk about risk
Tight SL coz if those levels are broken the breakout will fail. also metal sector is not looking very bullish in short time and we are trading on 30mins chart for short term.
Now here are my reasons to trade
Stock gave a breakout on 30 min chart today with a good volume.
Stock was consolidating for 11 trading day and gave a breakout on 12th day, i.e. today.
After breakout it retested the trendline for about 1.5 hours and managed to sustain above the trendline.
On the upper side it is facing a resistance on 0.236 fibonacci levels.
MACD also generated a buy signal.
Major trend is on the positive side on a bigger time frame but metal sector is underperforming from last few sessions and as these metal stocks are cyclical. Sector is in a fear of trend reversal.
On the bright side, metal prices in India are kept artificially lower to than other companies so their is room to improve.
Tight SL coz if those levels are broken the breakout will fail. also metal sector is not looking very bullish in short time and we are trading on 30mins chart for short term.
Now here are my reasons to trade
Stock gave a breakout on 30 min chart today with a good volume.
Stock was consolidating for 11 trading day and gave a breakout on 12th day, i.e. today.
After breakout it retested the trendline for about 1.5 hours and managed to sustain above the trendline.
On the upper side it is facing a resistance on 0.236 fibonacci levels.
MACD also generated a buy signal.
Major trend is on the positive side on a bigger time frame but metal sector is underperforming from last few sessions and as these metal stocks are cyclical. Sector is in a fear of trend reversal.
On the bright side, metal prices in India are kept artificially lower to than other companies so their is room to improve.
Trade active:
Bought in yesterday aftermarket @ 171.65 average
Trade closed manually
Trade closed: stop reached