SHORT - Bearish Flag at Trendline Resistance - Risk/Reward 1:5
Updated
Short < 1338
Stop-loss > 1403
Target 1000
Risk/Reward 1:5
Piramal Enterprise - Price broke the upward trendline on 4th September and pullback but faced trendline resistance at 1403 and fall back. Price made a bearish flag and breakout of the same is a shorting opportunity.
On a daily chart, the price made a lower high followed by a recent lower low and that confirmed the daily time frame trend as down.
Looking at the Weekly time frame price is already in a downward trending channel. It took resistance at the upper channel line of the channel and fall back. Also, the 0.382 Fibbo retracement level of the ongoing downtrend on weekly acted as a resistance.
Stop-loss > 1403
Target 1000
Risk/Reward 1:5
Piramal Enterprise - Price broke the upward trendline on 4th September and pullback but faced trendline resistance at 1403 and fall back. Price made a bearish flag and breakout of the same is a shorting opportunity.
On a daily chart, the price made a lower high followed by a recent lower low and that confirmed the daily time frame trend as down.
Looking at the Weekly time frame price is already in a downward trending channel. It took resistance at the upper channel line of the channel and fall back. Also, the 0.382 Fibbo retracement level of the ongoing downtrend on weekly acted as a resistance.
Trade active
Note
Trailing Stop-loss to 1338 at Entry Price
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