UPL - Breakout or Fakeout?

Oct 21, 2016

UPL price action is now at a unique position. On one hand it is at all time highs trying to breakout above 720 but also formed a bearish AB=CD harmonic pattern.

Which one will prevail?

Breakout - if price closes above 720 & sustain further

Fakeout - If price closes below 720

Let's wait and see price action & see if we can enter Long or Short.

Oct 26, 2016

Note

Still lingering around 720 - neither breaking out nor faking out. Wait for the price action to take action either way.

Oct 28, 2016

Trade active

UPL has faked out unable to break the 720 barrier.

Enter short at 680 with a SL of 710. TP of 490

Nov 3, 2016

Note

Moving SL to 700

Nov 11, 2016

Trade closed manually

Stock has been Resilient. Booking profit @665