RBLBANK - LONG
Updated
Reasons for going Long and Setup:
1) About to breakout from a Bullish Rectangle flag pattern. (Check with 2 and 4 hour TF; The pole is a bit distorted)
2) Bounce back from the support trendline and breached the Resistance (now Support) with good buying volume
3) Trading above 50, 100 and 200 EMAs
Entry: Can enter between 187.00 to 187.50 after breakout from the channel.
Stop loss: Once entered keep SL near 181.50 where there is a small support. Can trail SL above cost (near to 191.00 - 191.50) after the first target is achieved
Target: First target - 195.00 to 195.50 where there is a minor resistance and if reached and trend continues then can hold for second target.
RR Ratio: 1.25 (Entry - 187.50; SL - 181.50; Target - 195.00)
Note: Follow NIFTY MIDCAP 50 and NIFTY 50 for any trend reversal.
1) About to breakout from a Bullish Rectangle flag pattern. (Check with 2 and 4 hour TF; The pole is a bit distorted)
2) Bounce back from the support trendline and breached the Resistance (now Support) with good buying volume
3) Trading above 50, 100 and 200 EMAs
Entry: Can enter between 187.00 to 187.50 after breakout from the channel.
Stop loss: Once entered keep SL near 181.50 where there is a small support. Can trail SL above cost (near to 191.00 - 191.50) after the first target is achieved
Target: First target - 195.00 to 195.50 where there is a minor resistance and if reached and trend continues then can hold for second target.
RR Ratio: 1.25 (Entry - 187.50; SL - 181.50; Target - 195.00)
Note: Follow NIFTY MIDCAP 50 and NIFTY 50 for any trend reversal.
Trade active
Order cancelled
Note
False breakout on account of results and it failed. Continuing inside the channel.Note
No long position triggered as there was no breakout from the channel.
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