Energy Coil of Zeel Long

The stock has formed a beautiful channel with multiple alternate touches on both sides. It seems gathering energy for rapid move. A long is recommended at this point with stop loss just below of low of today's bar. Target 470 and thereafter on breaking the channel 510. Even for the first target of 470, the risk to reward is quite good. Good Luck
Trade closed: target reached: Booked profit on first target.


Praveen Ji, its retracing from channel resistance. Or may be because Index is not supporting, its down. Do you see long position can be taken once its breaking that resistance @ 475 keeping SL as today's low 462. TP can be 500.
@dev_trader, Till the Channel there was no resistance of barrier so it reached there. Yes new long is possible as you have mentioned. When a channel has multiple touches like this it has very good chances of doubling the range. Alternatively if it comes down to lower ML of PF there would be long entry. I would try to update that.
@dev_trader, As promised to you I've posted the development for new trade on it.
dev_trader praveen.bhatiya
@praveen.bhatiya, Thank you.
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