Updated weekly chart. It gave fresh break out from symmetrical triangle pattern. Today it has closed above 200 WSMA. But not convincingly. Above 130 is much safer.
It agai rejected the 127 upside barrier....your trned line is little on low angle and not exactly horizontal....
Trade-Wealth
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@rohitkatwal, Correct, it should cross this immediately
Trade-Wealth
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@rohitkatwal, Hopefully the above weekly chart will convince you for the desired target.
rohitkatwal
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@mdhaamu,I am not always a contra trader :) I just mention what I see. It is a positional buy for me. With current scenario of Nifty I am just not getting into buy trades. My whole trading position for this month is on short side. I like to be in one direction of the market. I think that Nifty will surrender in coming days. My positions went a little gapup today. Wrong ones I covered but rest again came into the comfort zone. Amidst that buying 1 position to the long side didnt sound good to me. Otherwise technicals are all good for ICIL. I just wish it doesnt give a fails trend breakout to upside. Market makers these days give a false breakout to shake out technical buyers. Hit their stoploss only to see stock moving in the right direction.
Trade-Wealth
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@rohitkatwal, Above view is only positional buy set up. I appreciate the way you manage your trades. Best of luck.
rohitkatwal
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Partially agreed with your buy....Even I had an alert set on ICIL but it hasnt triggered yet...I think I am on much safer side....