Moving between two trend lines, with Gap creation and Gap filling.
Bullish candle with volume was already created, after which a gap up opening was there and the gap is filled.
Upper gap filling is pending and so probably will go for that.
Gaps are a very good strategy to work on. Gap is formed when there is a price difference between opening price and closing price of two consecutive candles. Most of the time gaps are filled by 80-95% or sometimes even by 100%.
We should not buy the 1st dip in the morning today, Nifty trading around 9390 which is the previous swing high.
Nifty still has room to go towards 9260-9175. There is a Gap to be filled at that level.
Trading requires a clear trading plan and trade management. So here is a clear trading plan.
Entry Between 9200-9250
Stop-loss 100-125 Points away from Entry...
Overshot 0.618 fib plus hit the lowest of 2020.
GF1 Nevada being classified "Essential" , GF2 NY reaching 1000 roofs production per week, Model Y deliveries starting, 1,000,000 vehicules which translate in over 105k production in Q1... a lot of good news in the past few days!
As usual I don't know what I'm doing.
A gap can be seen in the price of Asian Paints(highlighted in green), a previous attempt to fill the gap on 18th April did not succeed, stock has been able to hold Fibonacci level of 23.6%. Two successive dojis can be seen recently and delivery percentage for last three days are 55%,67%,57%(positive sign). The stock might move up once again to fill the gap.
11562 looks Crucial.
If stays below that for 15 - 30 mins, more weakness will come.
bullish Gap at 11486 -11500, may possible Gap Covering in rest of the week.
In DOW JONES: Witnessing "Bearish ENGULFING" in Last trading session.
Future levels mentioned on Chart for "T+1 basis"
...... Spot & Future Intraday, future Weekly Levels plotted & mentioned on chart.
Possibility to FILL Bearish GAP at 26364.05 - 26215.10 Formed on 05/02/18.
Crucial level Near 25789, If crossed & stay for 15 - 30 min. 26400 level can't be ruled out.
Though Published in "EDUCATIONl" section, but for swing Trade I am Bullish .
Trade as per Specified level with...
...... Spot & Future Intraday, Future Weekly Levels
Plotted & Mentioned on chart.
Weekly crucial "RESISTANCE Zone" : 10763 - 10804
Trade as per Specified level with description.
FUTURE Trader Should take position with Hedge strategy.
Disclosure: Take this information as study/education purpose only.
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