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mmjimm
Feb 20, 2023 5:04 AM

PEL BEARISH WITH A DOUBLE TOP CONFIRMATION !!! Short

NSE:PEL60
PIRAMAL ENTERPRISENSE

Description

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Chart pattern looks good for a short trade

1. Classic double top pattern with high & Lower high, low & lower low formed thus breakdown!!!!
2. SL & Target levels mentioned as dashed horizontal lines @ chart

In weekly time frame(shown below) , PEL still looks BEARISH(alike of bearish pole & flag)....trading inside a box(rectangle)



Let's wait & watch...how it moves!!!!


NOTE- Just Sharing my view...not a tip nor advice!!!!

Trade active

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going good!!!

Trade closed: target reached

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Target done!!!

Comment

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785.05 previous low....(twice)
dip below that point may trigger down move again!!!

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Atlast created a lower low broke 785.05!!!
Bears hold strong!!!

Comment

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Going as per levels ....725 can acts as good support!!
if it breaks that level by good volume...major support at 610 range

Comment

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Next target done!!! 725 LEVEL

At the crucial level, let's see whether it is going for retracement or continue its rally down!!

Comment

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Comment

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broke the 725 level too!!!
major support at 610range!!!

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Monthly time frame

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tight box range consolidation...let's see which side it gets out!!!

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770 can be 1st target
790 strong resistance...tough to break!!!
Trend AnalysisChart PatternsprobabilityPELDouble Topboxrange
Comments
radhakrishnapmurthy
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it is unable to sustain 909 level, broke twice, it might head to 800 again, or can we see reversal? or it is trap volumes...
mmjimm
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@radhakrishnapmurthy, yes!! if it breaks 785 , there is a chance for big move downwards to 620 level!!!(long term support)
vanathi
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Good analysis.
mmjimm
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@vanathi, Thank you :-)
robinsuri
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Sir any new suggestion
mmjimm
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@robinsuri, 725 may act as support...(TARGET TOO)
radhakrishnapmurthy
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Is anything wrong with this stock? Any specific reason for it to come down?
mmjimm
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@radhakrishnapmurthy, Fundamentally there may be or maybenot , I just analysed the chart via price action!!!...technically there were many signals for this fall!!!
radhakrishnapmurthy
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got stuck at 843 with huge capital, can we hold for 3months timeframe to recover... Could you please suggest.
mmjimm
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@radhakrishnapmurthy, better option is to exit!!! it may take time to make a bounce after a steep fall like this!!
Jublfood was also seeing the same down movement despite good fundamentals
Did you hedge your position?(since you talked about huge capital i am asking this)
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