1. SBILIFE travelling in a Descending channel pattern( hourly time frame) 2. Now, it has formed aDOUBLETOP pattern (with a perfect High & Lower High as the two tops) 3. Lower low too formed on Friday, increasing our probability and thus Breakdown!!! 4. SL & Target levels mentioned @ chart as horizontal dashed lines(red & green) 5. 2 hr candle escaping out of the channel(yellow) can be less risky SL.
6. On 15th Feb(wed), Sbilife formed a Superb Bullish Engulfing day candle, but couldnot sustain....showing the BEARS STRENGTH!!!! 7. 1113(1st target) level small gap remains unfilled!!!
Let's wait and watch how it moves!!!!
NOTE- Just sharing my view......not a tip nor advice!!!!
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At the perfect resistance level!!!
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still the trade setup looks intact!!!!
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good going as per pattern!!!
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1st target done!!!
Trade closed manually
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2hr closing out of the trendline...better to exit and take entry afterwards
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looks like retracement to 1146 levels...
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2hr breakdown again!!! target 2 onn!!!
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2nd target done!!!
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lower low formed....tested the low of 1st feb long bearish candle....
Trade closed: target reached
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3rd target too done & dusted!!! 1045 support level let's see if it break it or not!!!