HSIL seems to be following impulsive price movement.
Primary degree wave 4 seems to be in progress,price breaching white 0-B trendline along with breaking above 250 will confirm end of Primary wave 4 and start of wave 5.
One can go long at cmp of 237.50 as we already have 2-4 trendline breach along with wave 4 break-out of the wave c on intermediate degree.Stop-loss can be 192 pivot low as we have seen price taking lower channel support.target can be 277 beyond which it will go in uncharted territory.Although risk-reward seems 1:1 at the moment but wave 5 target of equality of wave 1 in terms of percentage is coming at 360.
Disclaimer:This are jsut my views on the stock,no postion should be build or exited on its basis.I am posting this just for my future reference.
Primary degree wave 4 seems to be in progress,price breaching white 0-B trendline along with breaking above 250 will confirm end of Primary wave 4 and start of wave 5.
One can go long at cmp of 237.50 as we already have 2-4 trendline breach along with wave 4 break-out of the wave c on intermediate degree.Stop-loss can be 192 pivot low as we have seen price taking lower channel support.target can be 277 beyond which it will go in uncharted territory.Although risk-reward seems 1:1 at the moment but wave 5 target of equality of wave 1 in terms of percentage is coming at 360.
Disclaimer:This are jsut my views on the stock,no postion should be build or exited on its basis.I am posting this just for my future reference.
Trade closed: target reached