Observations: 1) On 1hr time frame we can see parallel channel uptrend.
Please refer below chart : 1hr Time Frame. -------------------------------------
Trade Setup for Date 01-10-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respsective level considering how price action works near that level.
Hi, May I know your reason for buying RALLIS at 294 level ? And how long you would like to hold?
My opinion is as bellow.
1) If you see on daily time frame it is trading below 200 DMA since mid of Sept 2021 and also gave a breakout but couldn't sustain above 200 DMA.
Please refer below chart.
2) It has immediate support at 280 level. If a daily candle close below 280 level with good volume then it will be downfall till 270.
3) IF you are looking for long term hold then you can hold it. Breakout of 200DMA will give move till 300 and breakout of 300 will make this stock bullish.
If you are in need of money to get it back then you can book loss and if you have no worries and can hold for short-mid term then better to exit at on cost or with minor profit.
But You have levels now so you can make your decision considering your situation.
But do let me know the reason for your decision to buy RALLIS.
MrReddy24
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@Trading_hawk My friend suggested, so I bought it. Thank you so much bro
Trading_hawk
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Bro @MrReddy24, Be careful don't invest your hard earned money carelessly.
What is your friend telling you now about it this position that you have in loss?
Need your help