Hello, castrol india long-term swing trade buy: 105 target: 214 stoploss: 98.
LOGIC BEHIND TRADE: Stock is trading on monthly support on 1w chart formed bullish candle above high breakout buying strategy (target identified from harmonic half bat pattern level 0.58) stoploss is taken low of bullish candle, RR looks good in stock. NSE:CASTROLIND
Get Ready for a Roller Coaster Day.
Just like we had stated in the earlier week, we did witness that the Market has been consolidating between the levels of 17700-17900.
In addition to which, however, the index managed to give a closing of above 17700, on the last trading day. Which, altogether was a good sign for the Market and its...
WE CAN JUST PREDICT.
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Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Castrol India has been respecting these trend-lines since 2007 August, when it began its journey. Now we can see a clear breakout, but it is respecting the 50 EMA and hence it might retest the breakout level. If so, enter at this pullback with minimum stop loss and ride the trend. It is in monthly timeframe. So after an initial leap, the growth might be slow....
MACD crash alert
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As it is in Wolfe Wave and there is a heavy volume in the 5th Wave, for this reason a correction is expected.
This correction would be a good opportunity to BUY the stock. The buy level that seems fine to me is at 130-135.
We need to find a reversal sign at the mentioned level for a buy entry.