nimbuz90
Long

Pattern within a pattern

NSE:SUNPHARMA   SUN PHARMACEUTICAL
An inverted HS pattern has been formed inside a falling wedge . The stock has been consolidating inside a falling wedge pattern for the past month and finally has given a breakout. Now that the breakout is tested, We can go long above its swing high for a small scalp. It is also interesting to observe a Inverted HS pattern formed at this support juncture.

Hence we can go long above 515 for a target of 535.

Entry - Above 515
SL - 500
T1 - 523
T2 - 530
T3 - 535

For study purpose
Thanks.

Trade active
Comment: The stock is facing a lot of resistance. Hence closed my position @ entry level as of now. Will enter once again if it crosses above 517.
Comment: This is one choppy trade. After testing a lot of patience it reached target 1.
Trade closed: target reached: Finally they hit all the targets on 3rd may.

Comments

Is it Intraday call or positional?
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nimbuz90 ajit_bobs
@ajit_bobs, It is positional, but i dont recommend any calls. These ideas are purely for educational purpose.
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ajit_bobs nimbuz90
@nimbuz90, Thanks for sharing. Actually I am long @ 495 lvls. So just need to know should book profit or hold more for 4-5 days
Reply
nimbuz90 ajit_bobs
@ajit_bobs, Nice. Expecting 500-505 to hold the prices. If it breaches, then we may see some downside. Have a profitable trade.
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