LIC - Dipping Down (High Reward Setup)

1066 4
It is been observed on the Hourly chart that the price action is trending down in a downward wedge or triangle formation, taking support and resistance at the marked trend lines . Now, it has touched the higher trend line or resistance and now it shall retrace and further go down to the support trend line .

Target: 670

Stoploss: 692

RR: 1:3
Trade active
Trade active
Trade closed: target reached: Target reached successfully. Regards
Yes I was also going through this . I used fib resistance speed tool. It suggests the target 662. But it will take time.
+1 Reply
NeeteshJain nalinakshi
@nalinakshi, Yes, it shall reach to it with time. Well observed and thanks for sharing. Regards
Hi Nitesh , firstly I would like to thank you for all ur trade recommendation and updates , they work amazingly well .Kudos !!
I am new to trading , so my question may sound a bit stupid so plz dont mind.
My question is when u post a long call for a couple days time frame , its quite obvious that we can take a delivery of the stock and book profits when they gain .
However , when u provide a short call , would u plz help me understand how would I profit from this?? Do we need to buy put options for this??

Thank you!!
@HASNAINK, Yes, you can initiate put option or short futures if you would like to gain in down trending markets. I appreciate your generous feedback. Regards
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