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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sir to me it seems trend has converted extremely bearish and bounce should be used to short . buying wil be highly risky as down ward trend is extremely high in possibility
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@PRanjan, Good chart, and I believe that it shall go further down only once it breaks below 125 levels. Until that we can see a bounce back from current support zone. I appreciate your sharing. Thanks
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@justDSingh, I understand, but you need to conquer your fear and seize the opportunity. Go ahead. Regards
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@NeeteshJain, Thanks Neetesh ji,just saw the message when the markets closed for the day.Will it be wise to buy in cash first thing on Monday.Pl do let me know the buying range and SL.That would be a great help.Regards
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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.