Hello Trading community and my friends so as we all know that our Trading it should must contains some logics based on price action, indicators and trading strategies etcetera so i find out here some logics for my upcoming trade in Natco pharma sharing with all of you hope all of you like it.
So as we can see on provided daily chart that price gives a very bullish breakout of 16th February 2024 with the closure candle of 15% that day and after came down and seems that it is retesting breakout and trying to bounce from there with the help of 50 Day moving average too.
So mates i make a very simple trading plan for this trade that after recent swing high of (1100 levels) price came down and tried to move above in breakout direction and getting rejections from 985 levels after retesting i marked this level as a strong resistance area so if we will get a closing above that resistance we can see the recent swing high again as a target one for this trade, and if price will break recent swing high too and closes above we can see a measured target of between swing high and swing low made after breakout and that is more 19% from recent swing high. 930 will act as a good support after the activation of long side trade which earlier was a strong resistance.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
“Do more of what works and less of what doesn’t”. - Steve Clark
So as we can see on provided daily chart that price gives a very bullish breakout of 16th February 2024 with the closure candle of 15% that day and after came down and seems that it is retesting breakout and trying to bounce from there with the help of 50 Day moving average too.
So mates i make a very simple trading plan for this trade that after recent swing high of (1100 levels) price came down and tried to move above in breakout direction and getting rejections from 985 levels after retesting i marked this level as a strong resistance area so if we will get a closing above that resistance we can see the recent swing high again as a target one for this trade, and if price will break recent swing high too and closes above we can see a measured target of between swing high and swing low made after breakout and that is more 19% from recent swing high. 930 will act as a good support after the activation of long side trade which earlier was a strong resistance.
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit (Do boost my publication if you really like it mates)
“Do more of what works and less of what doesn’t”. - Steve Clark
Comment:
Hi friends, mates and trading community so i am updating this publication as trade plan is working according to mentioned description as today price want to break marked resistance but got rejections exactly from resistance zone so by this thing teaches us that if our support and resistance markings are correct we can avoid to take false entries in any asset and after this move i assume that it can move good up after the breakout of resistance as i am waiting too according to my trade plan entry. Thanks for reading and supporting my idea friends. Sharing rejection snapshot below.
Comment:
Resistance breakout update-: So after the wait of many sessions after publication yesterday price gives a breakout above resistance and closed above too so from here if price will sustain above that resistance we can see marked targets soon and this resistance can act as a support too. Hope for good thank for reading and supporting my idea