IPCA LABS - Short Channel Setup

It is been observed that the price action is trending in a channel for a while and now it is currently ranging near the upper trendline of the channel or resistance levels where a pull back to other trendline or support can possibily be seen before a breakout on either side of the channel.

Other Indicators signalling Bearishness:
1. Macd Crossover
2. RSI Divergence

One can take a short positions with good risk reward as mentioned below;

Target: 570
Stoploss: 611
Risk Reward: 1:5


Hi Neetesh,

I was checking this stock on 200 EMA. whenever it cross this price generally it gives big move. can we expect this time also the same ?
+1 Reply
NeeteshJain saurabh707
Yes, if it is happened in past then it's likely to repeat in future.
when putting target arrow its direction should meet the expected time frame.Many of them simply putting an arrow which only indicate a target price not the expected target time.Any way thank u for your great works .What about Bank nifty.
+1 Reply
@ajayww2 Yes Sir, it generally happens that we put arrow but not sure of time duration of reaching that arrow target. Basically, arrow just indicates the direction that is expected from the price action and time is always the hardest to get into it but I still feel that we may reach the desired target within next week. Bank Nifty looks weak to me, I shall be updating a chart soon.
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