One Suggestion to all ...
If one is going for long target, then One should also consider fundamental analysis.
k314
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@vikranth.kottur, This is for positional trade. And the target that I have given is not too big to attain given the market conditions.
It depends from person to person. Doing fundamental analysis along with technicals will certainly add on to confidence but its not absolutely necessary in my experience. As far as I know charts factor in all the news and fundamental aspects within itself.
Thank you for the suggestion :)
vikranth.kottur
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@trex88, May be ur Right Mr. TRex88, as a Day Trader, my Exp. tells me to make confirmation b4 u take position.
k314
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@vikranth.kottur, Though it is subjective, I request you to give me at least one instance where technical charts and company fundamentals didn't go hand in hand? Interested to learn more on this subject
vikranth.kottur
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Hi TRex88!! Very Nice T.Analysis...
but
I feel One should take position in above scrip, only when day closes above 406 & this candle must be a Green candle, & next candle should be open above previous close.
and..
Target 1 = 453 (very safe target)
Stoploss = 397 (if candle closes below this price)
Risk Reward Ratio = 1:5
k314
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@vikranth.kottur, SL of 397 would be very tight, I feel. All the best sir :)
vikranth.kottur
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@trex88, Yes Mr.tRex88!!
You are right.. my SL is very close, bcuz if the day closes above 406 with green candle i.e., breaking the Resistance range.
Even though after breaking such strong & proved resistance range, if it comes down then it shows buyers (Market sentiment) are not strong enough to move price upwards... in such scenario I dont feel its wise decision to continue our position.