Swing Trade in IndusInd Bank
Updated
For Educational Purpose only.
Go Long above 1018.9 for targets 1050.85, 1082.8 with SL 987
Reasons :
1. When we draw Fibonacci retracement from the recent lowest swing (Point A) to the recent highest swing we see that the stock is trading at 0.382 Fibonacci level.
2. Also it has made a bullish candlestick pattern (Bullish Engulfing) at 0.382 Fibonacci level marked with a blue circle.
3. There is also a demand/supply zone marked with a purple rectangle. Initially, it was facing resistance in this zone. Now this resistance will act as support and stock is trading around this zone.
4. Trail Sl for the second target as there is resistance around target 1.
Go Long above 1018.9 for targets 1050.85, 1082.8 with SL 987
Reasons :
1. When we draw Fibonacci retracement from the recent lowest swing (Point A) to the recent highest swing we see that the stock is trading at 0.382 Fibonacci level.
2. Also it has made a bullish candlestick pattern (Bullish Engulfing) at 0.382 Fibonacci level marked with a blue circle.
3. There is also a demand/supply zone marked with a purple rectangle. Initially, it was facing resistance in this zone. Now this resistance will act as support and stock is trading around this zone.
4. Trail Sl for the second target as there is resistance around target 1.
Order cancelled
Our Entry Price was 1018.9 which was not triggered and we did not get entry as per our setup. So we will not trade using this setup.
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