SRF Ltd. engages in the manufacture of chemical based industrial intermediates. As per the monthly and weekly chart, SRF is trading in a sideways range and never closed below the price of 2168 on monthly chart from last six months. Also, it has given breakout of daily and weekly timeframe.
On weekly chart, price has shown strength and closed a healthy candle. Also, it has tested ites immediate resistance of 2290.
On daily and hourly timeframe, we can see that this stock has changed its structure and now heading to upward.
To initiate a new position in this script, there are two possibilities.
1. As per the hourly chart, it is in pre-breakout stage. Agressive traders can initiate position at CMP. Safe traders can enter after breakout and confirmation.
2. As per the daily chart, price may come down to 2150-2190 to retest the breakout and pick the demand from here to start the upward journey. Agressive traders can add more quantity at this price levels and safe traders can initiate new position.
Targets are mentioned on the chart and SL will be swing low. Once any of the two conditions fulfilled, SL can be immediately trailed to the nearest swing.
Follow your risk management.
Happy trading :)
On weekly chart, price has shown strength and closed a healthy candle. Also, it has tested ites immediate resistance of 2290.
On daily and hourly timeframe, we can see that this stock has changed its structure and now heading to upward.
To initiate a new position in this script, there are two possibilities.
1. As per the hourly chart, it is in pre-breakout stage. Agressive traders can initiate position at CMP. Safe traders can enter after breakout and confirmation.
2. As per the daily chart, price may come down to 2150-2190 to retest the breakout and pick the demand from here to start the upward journey. Agressive traders can add more quantity at this price levels and safe traders can initiate new position.
Targets are mentioned on the chart and SL will be swing low. Once any of the two conditions fulfilled, SL can be immediately trailed to the nearest swing.
Follow your risk management.
Happy trading :)
Comment:
Today it tried to give a breakout but didn't succeed. But the good thing is it closed above the previous day with good volume. Tomorrow it might open a gap-up or can give a breakout. Let's watch it tomorrow.
Trade closed: target reached:
SRF has hit the first target and made a high very near to the second target. Tomorrow it might can hit the second target. Those who are in position can book profit and trail from here keeping SL to T1.
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