I am expecting retracement in
NAVINFLUOR
There are multiple reasons such as -
A gap down / Flat opening can present us good intraday shorting opportunity where the target can be today's low. (Should make LL on smaller timeframe)
The trade only executes if it starts to trade below today's low (3915). Now I can be completely wrong and the market may move opposite to my view, that's why we will use SL if we plan to enter the trade.
Disclaimer: This is no trade recommendation and the only reason for me to post this is for educational purposes.
NAVINFLUOR
There are multiple reasons such as -
- 1. Navin Fluorine is at the Supply zone. The stock fell almost 18% previously at this zone , and we can again expect some sellers to build short positions.
- 2. Trendline resistance: We can clearly see in the chart that the stock face some resistance previously at the trendline. Yet again it's time to test the trendline. We already can see a red Doji type of candle.
- 3. Fib retracement: The stock is testing the 61% level of Fibonacci, and it already closed below the 61% level. We can see downside retracement up to 38% (3764) or 50%(3686) making it or targets
- 4. On 15 min TF, it broke another trendline ( made a new low after consecutive higher highs) and closed below.
A gap down / Flat opening can present us good intraday shorting opportunity where the target can be today's low. (Should make LL on smaller timeframe)
The trade only executes if it starts to trade below today's low (3915). Now I can be completely wrong and the market may move opposite to my view, that's why we will use SL if we plan to enter the trade.
Disclaimer: This is no trade recommendation and the only reason for me to post this is for educational purposes.