Everything on chart. Wait for confirmation on 31-may-17. Please leave your opinions.
The stock has formed a Doji Star on 09.03 and Buy signal was confirmed on next day as price traded above the high of it. Moreover it was at Crucial 50% of the last swing so one can go long at this level by providing a small stop loss. One can easily expect 2-3 times reward of the risk taken.
I would go long the stock because a. it made a bullish Doji Star 2 days ago at significant 50% retracement level. b. Primary trend of small swings being supported by the trendline. c. Last Bar is giving opportunity to enter at cheaper price so Stop Loss is affordable. One can go long providing suitable Stop Loss and expecting the target double the risk provided.
* Wyckoff Analysis * Distribution Phase * Doji @ top #Invalid above 12050
Doji candle formed at the supply zone suggests a short entry at this level. I would look for a short if it trades below 50.45 level tomorrow with stop loss of the high made in the recent bar. By risking this small Stop loss I would look to take profit 2.5 - 3 times of it. Happy trading!
It is been observed that the selling pressure is high due to which buyers are having hard time to pick up the prices. Previously the bearishness was confirmed by the formation of PINBAR Candlesticks pattern that indicates weakness and rejection of higher prices. Therefore it is a good time to short at current levels for target 1240 Stoploss 1351
Arvind Mill is hitting Resistance Line with volume and forming Doji pattern bearish for near term