dravya

SUNTV - Nearing MULTI-YEAR HIGHS

NSE:SUNTV   SUN TV NETWORK LTD
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4
The stock has been in an upward channel .

And now it's re-attempting to push higher than earlier high of 774 and move towards levels which it achieved before 2008, that is above 800.

Buying interest has been good.
But be careful, the stock has already moved a lot on the upside, and might not immediately cross the earlier level; but when it does, a big breakout is more probable.

Keep it in your watchlist for upcoming days and trade according to strategy.
Comment: Good buying opportunity now. Channel support.
Exit on break of trendline.
Target , ride the trend.
Comment: Open just below trendline. Stock weak if it does not re-enter the channel immediately.

It's also head and shoulders break diagonally. Shorts can be taken below today's opening bar low with min stop loss.
Trade closed: stop reached: Entry happened at - 744.5
SL Hit - 749

Now will look for long opportunities inside the channel.
Comment: Learned to never short a channel break. Mostly, it doesn't have a good follow through. Prices come back up again validating the channel's importance.
Comment: Broke into the channel, surpassed the blue line.
And still going up !

Comments

hmm correct let's wait and see
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bearishbull1968 bearishbull1968
love to go long in that support area
Reply
dravya bearishbull1968
@bearishbull1968, good. let's see it it does that :)
Reply
i agree perfectly moving with in upward raising channel
Reply
dravya bearishbull1968
@bearishbull1968, You'd like to go long or short ?
Reply
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