PFC - At Strong Support Zone (Risk to Reward Favorable)
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It is been observed on the hourly chart, that the price action is holding on to a strong support zone indicating a strong buying at current levels that can up lift the price action in coming session.
It is providing a good risk to reward entrance at current levels too.
Target - 132. 50 (1:2)
Target 2: 135 (1:3)
Target 3: 137.50 (1:4)
Stoploss: 125
It is providing a good risk to reward entrance at current levels too.
Target - 132. 50 (1:2)
Target 2: 135 (1:3)
Target 3: 137.50 (1:4)
Stoploss: 125
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Hi Nitesh , could u plz update on this recommendation , holding Jun 140 call options @1.5..
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@HASNAINK, You may hold for now as there is no signal of stocks moving down but once it closes below 130 levels then it may again retest 125 levels.
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From the charts one can observe that PFC is on some long uptrend after taking support @ 125. I bought 2 lots @ 126.50 and sold @ 134. Can I re-enter if available @ around 129??
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@fromkolkata, Yes, with stoploss of 125. Once 125 broken then we might see 112-115 levels.
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Hi Neetesh, took position @132.5 yesterday and holding. Looks like it is losing steam after a small runup pls advise.
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@NeeteshJain, thanks for the easy to understand chart and Clear Targets. Holding 1 lot at 129.5. Hope to book profit tomorrow.
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Thank you for identifying it. On a weekly chart, it made a doji after negative bars. Chances of trend reversal are there. The coming week will decide PFC's trend.
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@nirav5, Yes, it shall provide a good bounce back or come back after a long down move. Good observation.
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As I said before in my previous trading post regarding stoploss, when you're trading you need not to take stoploss as a number but a psychology behind the buyers and sellers. Stoploss of 125 below means that sellers will be aggressive and price will further go down. Stoploss is successful if you have a closes below it on hourly chart or daily which provides you confirmation that the movement towards or below the stoploss is strong and then it is wise to exit a trade. Kindly avoid looking at stoploss with number as in market there is algo trading going on which picks up orders near the current price in secs which makes the most fluctuation in stock without any reason. I'm still in trade until I see a close below SL on hourly or daily chart.