I ll look for buying patterns in the PRZ zone. But even if PRZ is breached on downside, I would look for buying opportunity on the said date (for experimental purposes).
However, 22/9/2017 would be a warning day as from this day the price action may continue the downtrend either after achieving PRZ targets or earlier.
If price continues to move up beyond 22/9 for few days, downward correction can be considered as complete.
Trade safe, stay healthy
Hit like/comment if this post is interesting.
Definite signs of slowing down of downtrend near PRZ. Let's see how correct it could be.
I am anticipating a small Gartley pattern in the making.
I am first searching for a long entry here and then will reverse position at the PRZ if price action shows weakness.
As I have been looking for long, the BO entry could end up as a low reward trade (PRZ very near to entry). Let's have a look at other possible entries:
Price has been churning in an upward sloping channel, one entry could be at the low of the channel (yellow arrows).
Above entry is aggressive but low risk.
A confirmation entry could be above the break of channel, as the price closes above EMA. Safe but larger risk.
SL in both the cases below 1276 and target PRZ or higher.
This I my trading setup, not a recommendation.
I marked today as a warning day in the anticipation that stock would have reached targets by the date and downward journey may resume from today. But it seems a short term cyclical low has been established today.
Move past the trendline may confirm this hypothesis.
1330 would still remain as a target.