MotherSumi: The Confluence Zone

One can clearly observe: nice rotation of price inside a channel; the wedge formation; and the price bouncing from a support line (red dashed line). Currently the stock has retraced back to an important confluence point at 214-215 zone.

On short side, a break below the confluence zone can take the price to 310.50 and 307.50 levels. Stops would be above 320.

On the other side, the aggressive long entries can be taken at the confluence point with stops below this zone. If one needs more confirmation, staying above 320 can take the stock to 322 and 328 levels.

Hit like if you think this information can be useful. Comments are welcomed.
Trade safe.

Best Regards
Comment: *I apologize for mistyping the confluence zone levels, it should be 314-315*

Another observation on the stock:
> A Bat seems to have developed.
> For bulls: Entry for upside has been revised to 323 for targets 328
> For bears: A pullback entry is preferred; some bounce from 314-315 zone to
319-321 and then drop to the targets on downside.
> Take it as an idea if you like and manage your trades as per your trading rules.
Comment: Bouncing on and off the confluence zone.
Comment: Highly volatile between our sell zone and the confluence level. Good part for our short is that it's trading below the channel.
Comment: Bounced off sharply from support.
Pattern failed.
Trade closed manually.
Comment: Perhaps I was not brave enough to take the reverse trade :) as some people claim to do on TV.


Got struck there it seems!
@vanathi, Yes, nice support there.
vanathi Bravetotrade
@Bravetotrade, Looks like a resting spot for the price action :)
@vanathi, yes it seems..but too much rest kills.
vanathi Bravetotrade
@Bravetotrade, May be it will fall.
@vanathi, told you..too much rest kills.
vanathi Bravetotrade
@Bravetotrade, After 2 O clock mothersumi fired up!!!
@vanathi, yes, it consolidated at support.
Nice. Yes break of channel on downside can be good for lower targets.
Bravetotrade AbhishekHSinghCMT
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