Date: 01 July 2020
Century Textile (CMP 302.65)
Symmetric Triangle Pattern. Target 320. Max OI placed here.
T1- 307, T2- 315, T3- 320
SL- 293
Once price breaks out of this triangle pattern then we will review again
There is a bearish divergence at the upper channel and shorting is a possibility below todays low! First targets should be at the lower level of the channel!
- Wait for a candle close above the 327.40 for confirmation of breakout.
- Targeting next Daily S/R Major level.
- Stop Loss is mentioned on charts.
This is triangle but remember one thing " Every triangle in not an triangle"
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- Century Textile is forming Triangle Pattern.
- This can be continuation pattern and if triangle breaks down it will dump.
- For Bullish, Bearish case marked the important levels on chart.
CENTURYTEX - rejected from previously formed resistance.
If we draw trendline from recent low, its clearly acting as support line.
If breaks below 324 levels from current levels, we can expect good downside upto 310 levels.
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 5 to 8 times.
TREND ANALYSIS
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 8 to 12 times.
Takuri Candlestick at the lower line of Falling Wedge suggest a reversal and today's Green bar is confirming it. The Trade is available at small risk so one can trade like this
Entry 880
SL 868
Target 9455
Risk/Reward Ratio 3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
