johntradingwick

MSPL- MOVING IN CHANNEL? IMPORTANT LEVELS TO LOOK AT!

NSE:MSPL   MSP STEEL & POWER
  • The bulls have managed to pump the price a lot in the last week.
  • Currently, the price is moving out of the channel. Hence, expecting a drop in the channel.
  • Also, the previous Swing Highs have not been retested. Hence, there is a possibility of a drop towards the 8.20 region.
  • RSI is already in the overbought territory. Don't think the buying momentum will sustain.
  • All in all, I am expecting a drop towards the bottom of the channel. The trendline may support the price between 6.5-6.7 region.
  • If the trendline does not support the price, then I will look out for the price between the 5.5ish region.
  • I have marked the levels at which I will enter the trade. It's just a waiting game now.
*Everything is marked on the chart-- Swing points, trend lines can be used for trading along with some momentum indicators.

Try to look out for a confluence of these parameters, don't trade solely using any one of these parameters.

P.S: This is NOT investment advice. This char is meant for learning purposes only. This is my personal journal. Invest your capital at your own risk.

Rajat Kumar Singh,
B.Tech. (Delhi Technological University)
Community Manager (India), TradingView

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