DISCLAIMER: This idea is NOT a trade recommendation but only my observation. Please take your trades based on your own analysis.
Points to note:
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1. Since Feb, the stock has been consolidating inside a mother candle.
2. There was breakdown of the mother in Aug, but no further selling, just consolidating inside that new candle again.
3. Finally, another breakdown this month, but there is a strong rejection of sellers, indicating a liquidity sweep.
4. The overall structure forms a Falling wedge.
5. Such large periods of consolidation can lead to a healthy move in coming months.
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Following trade: Entry - CMP, SL- 325, Tgts - 385, 425
Points to note:
-----------------
1. Since Feb, the stock has been consolidating inside a mother candle.
2. There was breakdown of the mother in Aug, but no further selling, just consolidating inside that new candle again.
3. Finally, another breakdown this month, but there is a strong rejection of sellers, indicating a liquidity sweep.
4. The overall structure forms a Falling wedge.
5. Such large periods of consolidation can lead to a healthy move in coming months.
------------------
Following trade: Entry - CMP, SL- 325, Tgts - 385, 425
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.
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.