This is a simple strategy using the trendline. The price moved up steeply and has not seen a strong correction. The trendline was broken and the price tried moving upwards for a last kiss and was rejected from under the trendline.
This is an intraday idea, which can be moved to a positional play considering the negativity in the market. There is a strong chance that the market opens gap down and majority of the trade is already over.
Hence, only enter the trade if the price opens flat at yesterday's close level.
The stoploss is a little wide, due to the volatility, but risk can be reduced once the price moves lower in our favor.
The levels are explained on the chart.
This is an intraday idea, which can be moved to a positional play considering the negativity in the market. There is a strong chance that the market opens gap down and majority of the trade is already over.
Hence, only enter the trade if the price opens flat at yesterday's close level.
The stoploss is a little wide, due to the volatility, but risk can be reduced once the price moves lower in our favor.
The levels are explained on the chart.