atul4b95
Long

ICIL : Ascending Traingle Breakout with high volumes

NSE:ICIL   INDO COUNT INDUSTR
NSE:ICIL             Breakout has occurred on daily charts from ascending triangle with high volumes.
As per measured move we can see a target of around 30 points ie 160 levels.But as the price is very near but below its 200 period EMA and support turned resistance zone at 135 , it may see some consolidation or throwback to breakout levels. So we can put this script in radar for coming days for a better opportunity.
Comment: formed a shooting star on daily charts ,testing the 200 ema, now may test the 130-125 levels where we can get good entry for longs.
Also if the price breaks today`s high ie 138.85 , in the next session momentum traders can go long.
Comment: As today the price has taken support on the lower trendline of the ascending triangle , the trade is still vaild and also if tomorrow the market stays positive we can have a low risk trade .But if the price closes below the triangle, then will have a busted pattern which will act as a continuation of the prevailing downtrend.
Overall the script has become more interesting to have in watchlist
Sometimes we need to dip dig to get the real gold. To me its a perfect short candidate for Target of 128 with SL of 137 in future market. Please go short only below 132.10 level. Avoid till it stays above 132.10
Reply
@psu77, There is always a seller for a buyer :-) on a lower time frame you may go short , as I had already mentioned in my comment that it may test the 130-125 spot levels. However risking 5 points for a gain of 4 points doesn`t seem to be a very good idea, you may set a Stoploss a couple of ticks above 135 in jan fut .Also on the way down you might find good support at 130 levels before the target of 128.
I appreciate your view and please feel free to comment on this .Lets learn together. All the best

Reply
psu77 atul4b95
@atul4b95, I agree with "However risking 5 points for a gain of 4 points doesn`t seem to be a very good idea" but interestingly successful trader thinks otherwise. For them probability of event happening in their favour is much more important than mere risk to reward ratio.

Your analysis is perfect but my novice understanding of data suggest that it should touch 130 / 128 before showing for closing basis level of 136 / 138. Tomorrow might be the important day.
+1 Reply
@psu77, lets see. i hope it reaches your target , then I might get the opportunity to go long again (if it takes support on the 62 ema on hourly chart) , on friday last minutes I was long on it but could grab only 1 point today
Reply
psu77 atul4b95
@atul4b95, I hope you have not gone long. Today the whole market breadth was negative.
Reply
@psu77, No but went short on muthootfin and auropharma and holding the positions , lets see what happens tomorrow,I am a bit worried as nifty has taken support at the rising window formed yesterday .Also pls tell me about your analysis which suggested going short on ICIL ,you must have made huge as it has fallen around 10% today
Reply
psu77 atul4b95
@atul4b95, Yes luckily I shorted it at 132 (as mentioned in my first comment) but booked profit at 124. Not carrying position. Though this was a profitable trade I am still recovering from hefty losses made earlier but it is satisfactory that now able to judge the trend correctly sometimes. Regarding my analysis, well it was simple that O.I. was falling for last few days so price where up by short covering rather than fresh buying and this false rise in price given breakout signal on chart to many traders only to get trap.
+1 Reply
psu77 psu77
@psu77, Please note that I traded in futures only
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@psu77, Wow, awesome .I still need to learn interpreting these open interest thing
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SINE THERE IS SOME ANNOUNCEMENT IN THE BUDGET IS EXPECTED AND IT IS GOOD COMPANY RESULTS ARE EXPECTED TO BE VERY GOOD I THINK IT CAN BE A SAFE BET AND TARGET OF 200 ALSO CAN BE EXPECTED IN THE SHORT RUN. THANKS KEEP POSTING NEW STOCKS GBU.
+1 Reply
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