shaleenbansal
Short

4 Month Symmetrical Triangle Breakdown

NSE:TORNTPHARM   TORRENT PHARM
Breakdown of long term symmetrical triangle is observed on a daily time frame of TORRENT PHARMA .
The stock has breached it's 50 day EMA which was a key support.
Short entry should be triggered when the day candle closes below 2330.
For the targets at 200 day EMA which will be it's next key support.
T1 2227
T2 2150
SL 2365
Caution: Results in near future can distort the trade.
Trade with proper risk management and use trailing Stop Loss to protect profits because this particular stock is very volatile.
Trade active
Trade closed: target reached: T1 Reached in the first hour of trading. This was a high probable setup.
Comment: As I gave the caution in the idea, Results did distort the trade and anyone who was not quick in booking the profits must have endured a blow to the account.

Comments

though triangle breakdown happen but i can clearly see support at feb 2020 high
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shaleenbansal Getinvested
@Getinvested, If you would look closely that is my first target. Also going by the risk reward, The ratio in here is 1:3 and hence I have initiated the trade.
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Getinvested shaleenbansal
@shaleenbansal, bounced from that level
Reply
shaleenbansal Getinvested
@Getinvested, It did bounce back and I expected a pull back from those levels hence took an exit. Results were coming up and Insiders ruin price action. My recent idea on SUNPHARMA talks about the same. Have a look.
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