Failing W pattern in Shree Cement
Updated
Shree Cement is on a clear downtrend. But the W pattern would make one think that downtrend has come to an end as it is a bullish reversal pattern seen at the end of a downtrend.
Here's why I'm short:
1) Bearish engulfing candle. (right at important level where if it crosses above, would make one to take a long position)
2) Bearish engulfing candle after a nice bull run.
3) Stochastic RSI overbought.
Target: 18000 SL: 20720
I've also given a screenshot of Shreecement in a lower time frame of 15 min, which gave me further conviction to go short.
Here's why I'm short:
1) Bearish engulfing candle. (right at important level where if it crosses above, would make one to take a long position)
2) Bearish engulfing candle after a nice bull run.
3) Stochastic RSI overbought.
Target: 18000 SL: 20720
I've also given a screenshot of Shreecement in a lower time frame of 15 min, which gave me further conviction to go short.
Trade active
SL hit but since a doji has formed we can wait for the next candle. If the next candle breaks the high of this doji (20850), EXIT.Trade closed: stop reached
Exited.
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