Shree Cement looking slight bearish on weekly charts.
Updated
Shree cement has been in a bearish move and a retest to 38.2% fib levels is also there on the weekly charts.
The stock is trading around 25500 levels and the price action formation is looking bearish.
Bearish engulfing candle and rejection from 20 ema adds on to the confluence. Though the markets are trading at ATH and chances are there of a profit booking.
If the stock start trading below the support zone around 24400 levels, a shorting opportunity may be captured in the stock.
The stock is trading near a high volume area. It is showing some selling happening around 26000 level.
Entry can be made once the price start trading below 25400 with proper SL.
Another entry for new trades can be made below the support zone.
Targets are marked and can be achieved in 1-2 weeks after the entry triggers.
Wait for the price action near the levels before entering the trade.
The stock is trading around 25500 levels and the price action formation is looking bearish.
Bearish engulfing candle and rejection from 20 ema adds on to the confluence. Though the markets are trading at ATH and chances are there of a profit booking.
If the stock start trading below the support zone around 24400 levels, a shorting opportunity may be captured in the stock.
The stock is trading near a high volume area. It is showing some selling happening around 26000 level.
Entry can be made once the price start trading below 25400 with proper SL.
Another entry for new trades can be made below the support zone.
Targets are marked and can be achieved in 1-2 weeks after the entry triggers.
Wait for the price action near the levels before entering the trade.
Note
Entry was trigger in the stock for the risky trades.Target 1 may be given in this week only.
Fresh entries should be avoided for now and wait for a retest after the support zone is tested.
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Trade active
The stock has given the first target and if the weekly candle close below the support zone, position can be trailed for second target.
New position can be created only after the weekly candle close in the next month expiry for swing to positional trades.
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