The stock is in downtrend but now showing sign of reversal. It has formed a 3LR pattern at significant support zone. RSI is also coming out of overbought zone. It seems to me a good trade setup with affordable stop loss. One can buy the stock for a target of 262 by providing SL of 236.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Good work.
I am also long from 237.
Now it has many resistence in range of 252 to 262 so chances of consolidation is more ?
praveen.bhatiya
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@MohitArora, @237 it was a good entry. regarding the forthcoming resistances I think 262 is easily possible. Once a stock reverse the trend then it may continues even for the higher level. As a short term trader one can book profit and look for another entry and as an investor one can keep invested so it all depends individually.
MohitArora
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@Praveen.bhatiya,
Thanks for explaining the concept.
But 262 should not be a target for investor ,its a short term target only which can be achieved within a month or evev early if its in phase of reversal ??
As i see ,in last 4-5 session it took resistence of 251-252 two times and came down few points so seeing this , i asked about other resistences in range of 252-262.
Thanks
I am also long from 237.
Now it has many resistence in range of 252 to 262 so chances of consolidation is more ?