Reasons for going long and Setup (Positional Long):
1) About to breakout from bullish flag consolidation.
2) Crossed resistance which is now a support.
3) Trading above 50 and 100 EMAs
Entry: Can enter after breakout with good volume. Ideal entry above 1,056.00
Stop Loss: Place at or slightly below the support zone. Safe players can trail stop loss once crossed 1,070.00.
Target: First target can be the top of the pole; 1,080 to 1,085 levels where there is a resistance.
RR Ratio: 1.27 (Entry - 1,056.50; SL - 1,038.00; Target - 1,080.00)
Note: Keep a close watch on NIFTY 50.
1) About to breakout from bullish flag consolidation.
2) Crossed resistance which is now a support.
3) Trading above 50 and 100 EMAs
Entry: Can enter after breakout with good volume. Ideal entry above 1,056.00
Stop Loss: Place at or slightly below the support zone. Safe players can trail stop loss once crossed 1,070.00.
Target: First target can be the top of the pole; 1,080 to 1,085 levels where there is a resistance.
RR Ratio: 1.27 (Entry - 1,056.50; SL - 1,038.00; Target - 1,080.00)
Note: Keep a close watch on NIFTY 50.
Trade closed: target reached:
First target reached. Can trail SL if needed