The price action seems to be following a channel. Today stock touched the upper trendline of the rising channel and faced stiff resistance. It found support @ 1498 level. A decisive break below 1498 may take the stock to 1485. Below 1485 it may go as far as 1460-1470 support zone where some consolidation action can be seen.
Comment:
SL can be 1515 or 1521
Trade active:
Trade was initiated on breakdown of 1498 and first target of 1485 has already been hit.
Comment:
There might be a second opportunity to short on pullback near 1498.
Just look for a bearish pattern in the 1495-1500 zone.
Just look for a bearish pattern in the 1495-1500 zone.
Comment:
Target 1485 hit again in second selling opportunity.
Trade closed: target reached:
Second target reached..close at will.