JublFood Short Idea(See Description below)
Timeframe : Daily
Reasons:
1) Range bound in monthly and weekly chart.
2) In day chart making HH for upward move in range.
3) Perfect candidate to form Double top near 1530 range.
4) Double top neckline 1250.
5) If DT neckline broken can go till 973 which is coinciding with weekly and daily support.At max can go till 920(monthly support).
Short @ 1530
Stoploss @ 1580 to 1600
Target 1: 1250(neckline)
Target 2: 973(if neckline is broken)
Note: Setup invalid if weekly close is above 1600.
Reasons:
1) Range bound in monthly and weekly chart.
2) In day chart making HH for upward move in range.
3) Perfect candidate to form Double top near 1530 range.
4) Double top neckline 1250.
5) If DT neckline broken can go till 973 which is coinciding with weekly and daily support.At max can go till 920(monthly support).
Short @ 1530
Stoploss @ 1580 to 1600
Target 1: 1250(neckline)
Target 2: 973(if neckline is broken)
Note: Setup invalid if weekly close is above 1600.
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