After a huge rally, retracement is expected, and this is a retracement trade
Overall, Balkrishna Industries is in an uptrend, so be careful
Information is given on the chart
This is an educational post
Grateful!🙏
BKT CMP: 935. There is a long unwinding on Thursday.
It will come in my short tread setup if it will sustain below the demand zone @ 920-928 the target for the next demand zone.
I will avoid this trade if it will not able to sustain below 920.
Key Levels for BERGER PAINTS :
UPPER BREAKOUT~524.85
FIRST TARGET~534.75
INTERIM RESISTANCE~543
FINAL RESISTANCE~550.85
****************************
LOWER BREAKOUT~507.70
FIRST TARGET~500.45
INTERIM SUPPORT~493.20
FINAL SUPPORT~485.35
Please trade with caution and consult your financial adviser before trading.
Previously acted resistances
1) R 1256 (profit booking)
2) R 1319 (tradable)
3) R 1391 (final resistance)
Psychological investors' memory and intelligence are something remember forever. The above 3 resistances mentioned in the past acted are the memory of investors who will repeat as resistance in the future.
Example of Trade setup:
1st Trade: Sell 1319...
LOGIC
1) STOCK IN DAILY TIME FRAME MADE A SHOOTING STAR
2) LOOKING OVERBOUGHT
3) GOOD RISK TO REWARD FOR REVERSAL
NOTE: IT IS A REVERSAL TRADE AGAINST THE TREND LESS PROBABLE BUT GOOD RISK TO REWARD RATIO
Intraday And Positional View.
Symmetrical Wedge Pattern Formation,With break above at thinnest part of the cloud.
Increasing Number of buyers in last few hours...
Nearing quarterly Result on 4th Feb.
Following Trades Can be taken
Long Above 1111, SL 1101
target 1120,1126,1136
Short Below 1099, SL1111
Target 1080
