- Name of The Stock: NSE:SBCL - Type of Trade: Momentum Investment or Positional Trade - Duration: More than 60 days - Entry Level: 645.00 - Stop Loss: Initial 560.00 (Trail accordingly) - Target: above 820.00
Chart it self explanatory.
Key Points:
- Up trending stock - Trading near 52 W high zone - Has corrected from high level - Trading on support - Pullback may come soon
I have a substantial amount of shares of Shivalik bimetal, taken at a price Rs 703. Will it be wise to hold on to the stock for a near-term turnaround?I am ready to wait as the loss I am incurring now is big.
We_Learn_Investing
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@runumukherjee74, Stock has corrected almost 30% from the high. Stock is trading on support zone (485-540) as per the current chart. 494 is the 200DMA level, Stock may bounce back from that level. You can wait if your trade is for longer term. Remember, always try to book you stop loss as early as possible and hold your profit. "Cut loss early, Hold profit long".
@abrahamsetti, First of all thanks for the question you asked. Not found the major reason. As a momentum investor and swing trader we do not have to focus much on reason. Because charts (the price action) tells you everything. Just follow the price pattern. We had decided our stop loss before the trade. So, It hits and we exits. And the trade was for short term so, do not worry!