MINDAIND repeatedly getting rejected from around 615, will it finally breakout?
Trade active:
MINDAIND has closed at 637.40 above its resistance level with good volume.
Ways to trade the setup:
1. One way to trade this breakout would be to go long above today's high that is 641.40 with a stop below today's low that is 610.
2. A more spacious stop would be below 570, but the risk reward would not be very favorable with that wide a stop.
3. One can also wait for a pullback on a lower time frame and enter on the continuation of trend after that pullback.
4. Another option would be to wait for a pullback after the initial move on the daily and enter on the retest of the resistance, and then further continuation. With this option we will also be able to rule out if the breakout fails.
Ways to trade the setup:
1. One way to trade this breakout would be to go long above today's high that is 641.40 with a stop below today's low that is 610.
2. A more spacious stop would be below 570, but the risk reward would not be very favorable with that wide a stop.
3. One can also wait for a pullback on a lower time frame and enter on the continuation of trend after that pullback.
4. Another option would be to wait for a pullback after the initial move on the daily and enter on the retest of the resistance, and then further continuation. With this option we will also be able to rule out if the breakout fails.
Trade closed: target reached:
Target reached at 670.
If anyone has initiated a trade by this level, place a strict stop at 610 and try to book partial profits or exit as per your comfort at around 670-672 levels.