Pidilite Industries - Short Candidate - Broken Imp Support
Updated
According to price action, 
PIDILITIND is showing signs of exhaustion and weakness. Reasons why I think this is a short candidate -
1) Both the Daily and Weekly candles appear to be weak.
2) Future OI has been unwinding long for the last 5 days, and there was short build up in this stock today as well.
3) DTF has formed a bearish marubozu candle.
4) For the targets shown on the chart, one can short with a stop loss of 2560. If the candle closes below 2381 on any given day, expect 2200 in the coming sessions, which would be a good base to go long in this stock.
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.
TIA!
PIDILITIND is showing signs of exhaustion and weakness. Reasons why I think this is a short candidate -1) Both the Daily and Weekly candles appear to be weak.
2) Future OI has been unwinding long for the last 5 days, and there was short build up in this stock today as well.
3) DTF has formed a bearish marubozu candle.
4) For the targets shown on the chart, one can short with a stop loss of 2560. If the candle closes below 2381 on any given day, expect 2200 in the coming sessions, which would be a good base to go long in this stock.
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.
TIA!
Trade active
T1 doneTrade active
Stock is consolidating in a range for last 10 sessions. Still think it can do T2 on downisde. Let's see how it all plays outTrade active
Trade still active for T2 level
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.