amankavi

Motherson : Rounded Top at support level (4th Aug) trade

NSE:MOTHERSUMI   MOTHERSON SUMI SYS
Rounded top pattern from double bottom usually results in downward bearish (continuous) trend however %william showing uptrend from oversold situation
Targets defined in chart for both bullish and bearish trend (short) after gaining momentum from neckline levels.. SL can be taken as per risk appetite

Aug 04
Trade closed manually: Both targets achieved towards bullish reversal and momentum regained
Aug 04
Trade closed: target reached
Aug 04
Comment: Planning to re-enter trade however to short this time, if the scrip shows significant retracement

Pin Bar has formed at the resistance levels which shows sign of price rejection.
The tail (wick) is clearly protruding up through the key resistance and from the surrounding price action, indicating that a strong rejection as well as false-break of an important resistance has taken place. Thus, there was a high probability of a move lower after that pin bar.

Entry range changed accordingly as looking to short now and if the scrip goes beyond neckline without facing much resistance, we can go for targets beyond 299

Good call...
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amankavi vanathi
@vanathi, thanks :)
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