The marked zone forms like Rounding Bottom Formation, with a classic Formation.
There is no on Daily Time Frame till ₹ 1020, opening up R:R for the long trade.
Both 10, 20 EMAs coincide with the zone. If they still remain coincident with both the zone and latest trading price at the time of entry, it may add to better probability for this trade.
One of the cons of this trade is that the green candle of Jan 5, has not been able to close satisfactorily above the candle of Dec 29, giving rise to doubt that probably this price movement can be a fake one, to trap and stop us out.
Looking to take advantage of this zone to join in the trend.
Disclaimer: The Analysis, nowhere recommends to follow it, nor does it recommend nor does it give any advisory to buy/sell. This is not an investment advisory and only an educative analysis.
The bearish move due to which we have got entry has opened up R:R for our trade.
However we see that averages do not coincide, as per our original analysis above.
It has lessened our probability for this trade.
Would be strict with SL and Target, as next day we have Budget Session.