INDHOTEL Down to its 2 Year old support ??!!!!
Updated
Chart pattern does pave way for the above titled opinion
Reasons:
1. INDHOTEL has been trading inside an Ascending Channel pattern for the past 2 years, taking support and resistance at perfect levels till now.
2. Currently it is going through the Downswing move(in the form of descending channel pattern forming lower high and lower lows) inside the major ascending channel.
3. Weekly time frame chart below
4. Target & SL levels mentioned @ chart
5. Entry can be made after hourly breakdown out of the white trendline as shown below
Let's wait & watch, how it moves!!!!
Note- Just sharing my view....not a tip nor advice!!!!
Reasons:
1. INDHOTEL has been trading inside an Ascending Channel pattern for the past 2 years, taking support and resistance at perfect levels till now.
2. Currently it is going through the Downswing move(in the form of descending channel pattern forming lower high and lower lows) inside the major ascending channel.
3. Weekly time frame chart below
4. Target & SL levels mentioned @ chart
5. Entry can be made after hourly breakdown out of the white trendline as shown below
Let's wait & watch, how it moves!!!!
Note- Just sharing my view....not a tip nor advice!!!!
Trade active
1 hr breakdown!!!Note
nice followup!!!Trade active
lower low formed....increasing the probability of our trade!!!!Trade active
1st Target done!!! gap filled!!!Note
As far as it is inside the channel , it is bearishNote
If it breaks 325 and makes a higher high...better to exit!!!Note
still respecting the levels!!!!Trade closed manually
Note
Take the green 2 year support line as target....may form the higher low and then shoot upwards!!!!
let's wait and watch!!!
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