Starting with the trend:
Daily- Bullish with 21-day EMA well over 50-day EMA
Hourly- Walking on the footsteps of daily TF i.e. Bullish
Pattern Formed:
Inverted H&S pattern with multiple rejections between 288-294 range making the resistance weaker and weaker. Moreover, the stock spent good number of hours near the resistance with no rejection from the zone, clearly showing stock is being accumulated.
The Volume Factor:
On Daily TF an increased amount of volume from the buyers side is clearly visible than that of sellers, further, indication of the buyers strength meaning buyers won't let go-off the price easily.
Money Management:
One can enter above 296.65 with a SL of 270.6 and can expect a target of 358 which gives a RR ratio of around 1:2.3.
Note: Position sizing is the key to preserve the capital and helps you to stay in the maket for the long run. I personally do not commit more than 8-9% of my capital in one trade. But this is a concept which may vary from person to person. So, to summarize one should make a position on the basis of not loosing more than 1-2% of the account size.
Daily- Bullish with 21-day EMA well over 50-day EMA
Hourly- Walking on the footsteps of daily TF i.e. Bullish
Pattern Formed:
Inverted H&S pattern with multiple rejections between 288-294 range making the resistance weaker and weaker. Moreover, the stock spent good number of hours near the resistance with no rejection from the zone, clearly showing stock is being accumulated.
The Volume Factor:
On Daily TF an increased amount of volume from the buyers side is clearly visible than that of sellers, further, indication of the buyers strength meaning buyers won't let go-off the price easily.
Money Management:
One can enter above 296.65 with a SL of 270.6 and can expect a target of 358 which gives a RR ratio of around 1:2.3.
Note: Position sizing is the key to preserve the capital and helps you to stay in the maket for the long run. I personally do not commit more than 8-9% of my capital in one trade. But this is a concept which may vary from person to person. So, to summarize one should make a position on the basis of not loosing more than 1-2% of the account size.
Comment:
Entry was triggered!
Comment:
Finally started to perform. A resistance at 313.5 may act as a hurdle for a short time.
Comment:
established a new high
Comment:
today's closing will be decisive, whether it will go up or come down.