paras defense updateparas defense is continuously declining, as you can see in the chart. it has broken box zone. and now taking support at 50% fib level which is considered as strong demand zone.
how to read the current price action?
gap fill:
if you can notice there is a gap which price is filling now. It was expected that if the 1258 is broken on dcb, market will fill the gap.
Fib Level:
price is trading near 50% fib level which is considered as very strong support zone. price can start bouncing back from the black line if market condition is strengthened during next week.
My best bet:
I am still bullish in this stock and accumulating it whenever it goes 5% down. i will hold till black line. if price closes below black line on weekly basis. I'll book my loss and will wait for fresh HH & HL o be formed.
Light hearted people or newbees please analysis your risk appetite before investing or ask your financial advisor before investing.
What can be expected:
Price may reach upto initial breakout point if it breaks the black line. wait for HH HL on 75 min timeframe to make fresh position.
When the strength will be back in paras defense?
ADX will be upward on daily time frame (preferred above 25)
DMI+ will be above 25 and above dmi-
My View is still very bullish. Just waiting for trend change or price reaction near black line
