In my last post of this stock what I mentioned is quoting for your consideration " " those who want to enter long they should consider a red dotted line as sl and get long side position till that dotted line is breached." you can see in two days bnf gave big volatile moves but the price did not even come closer to the red dotted line. Today it breached green dotted line but not taken out. Now the scenario is little different Those who are long can belong till the pink solid line is taken out on 30 min timeframe. And those who want fresh entry in the long side should wait to go long when green dotted line and pink dotted trendline both are taken out on 30 min timeframe. ". You can see the price fulfilled the condition for long side trades. And the price reached near red upper line. Those who remained long would have earned good profit in this positional long trade. Investors this stock is in the accumulation stage If you get near blue and pink zone on lower side can add in the portfolio for at least one year how will get 300 level till that time.
Trade for next week.
1. See I circle a pattern in green. This is a which gives signal who are positional long should cover their positions.
Since it is not activated till yet so one should wait to go short once activated. In fact, if the price close below the big candle low on a closing basis then the pattern will get activated.
2. Green dotted can provide support so that pattern becomes invalid. If that happens then one should take long with the stop loss of lower band of the green dotted zone with the target of the upper red zone.
3. On the contrary short side, trade is very tricky I will not suggest shorting this stock because the risk-reward ratio will not be matched. The blue lower end will be the target in the coming days if yellow is taken out on 4hr time frame. As the stock is going in range-bound trade by satisfying lower conditions . so trapping will be seen both sides. No chances of good reward until you book quickly.
4. last but not least upper red zone is taken out in 4 hr time frame then uptrend will resume. So trading in this stock will be difficult in the short side except for one two days. For your better understanding see fig below of the last update and compare it with the current one. The rest market will decide. YOGESH VATS
Disclaimer:- All positions should be taken with consultation from your financial adviser. This work is for educational purposes.
Do you think initiating a long make sense now or wait till 200 has been crossed as per your charts.