Tata Steel had a good run and is now facing resistance at Gann line. Based on the previous reactions (highlighted circle) from Gann line, I see an opportunity to buy a PUT option here. Volumes are supporting it and so is RSI. I won't recommend shorting the future but pro traders can do it with SL above the gann line.
I will personally prefer to buy a PUT, Strike Price : 420. Last close of the said option was at Rs. 2.20 so the risk is limited to 4400 per lot and reward can be surprisingly good.
I will personally prefer to buy a PUT, Strike Price : 420. Last close of the said option was at Rs. 2.20 so the risk is limited to 4400 per lot and reward can be surprisingly good.
Trade active:
Shorts have started to build. Look at todays chart
Comment:
So far so good. Good volumes with declining prices. RSI in favor as well