GRASIM CASe studyMultiple harmonic pattern formation with PRZ in same range,,
parallel channel structure with supply line around same levels of prz,,
rsi have divergence,,
price action need to be watched,,
lets see whats in store,,
Market is best teacher,, keep learning every day,, dont wait for holy grail
GRASIM
Grasim Momentum Long Prices having Good Momentum
All Levels Mentioned On Chart
How to trade the setup?
When the chart says Long or Short at particular level, Put a Stop Order at those levels, Levels are strict
T1 : is Target 1
T2 : is Target 2
When you achieve your first target, book profits of 50%
and shift the stops to the cost
The term Catastrophe Stop, is a maximum movement of price that can happen in opposite direction of trade
so that the setup remains valid, Its basically used, to give some breathing space to the trade,
I may call for a recovery if the setup becomes invalid as the market progress.
As we all know anything can happen in the market and we should respect that
The Idea is for Educational purpose only
At Last, do your own analysis, before trading your money!
GRASIM - Parallel Channel BreakoutThe stock was moving in a channel for a few months now, and gave a breakout over the upper resistance line.
If it is able to sustain levels of 1725, the trade can be initiated for upwards targets as stated in the chart.
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Grasim is in strong uptrend…. Grasim is in strong uptrend….
Reasons/Traits :
• Bullish Cypher harmonic pattern and its retracement is completed
• Strong uptrend with high increasing volume is seen
• Grasim is again at life time high
• Further uptrend on earlier highs of 22nd Jul and 2nd Aug 2021 were rejected now again testing high levels
What can happen next :
Scenario 1 : Strong uptrend possibility as Grasim is at life time high to reach 1640/1700 levels to complete 1.237/1.618 Fib retracement levels
Scenario 2 : A downside break of fib 0.786 levels can test 0.618/0.5 levels (profit booking, before further uptrend)
1570-1600 is important zone, let’s see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Ascending Parallel Channel Breakout in GRASIMIn last trading session GRASIM gives breakout of ascending parallel channel's resistance line. After this breakout expected this will continue it's bullish rally towards the 1915+ in next few trading session. We can go long in this stock with stop loss of 1680 for target of 1910+ for short term.
What next in Grasim ? Positional Trade NSE:GRASIM
Grasim followed Fib retracement perfectly. As per given in my previous idea it took good support from 61.8% level range.
Please refer below chart.
Now what next?
Just simply if we apply the same level range of FIb retracement then we can see below levels.
This levels will be for short to mid term positional trade.
Sustainable Breakout of 1700 level will lead it to 1759 easily and we can see 1800 level in mid term positional long trade.
Please refer below chart.
you can also refer my previous idea of Grasim in Link section at the end of this idea.
Simple Trade Setup | GRASIM| 11-10-2021 [Intraday & positional]NSE:GRASIM
Observations:
1) On 1 day time frame, if we apply fib retracement for recent swing from low to high we can see that it is just above 61.80% level of FIB Retracement and level of 1590-1591 will work as good support now.
Please refer below chart : 1day Time Frame.
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One can enter for positional trade from CMP with Strict SL of 1580 for the up side target of 1700 in short/mid term.
But Safe positional buy trade entry will be once it maintain to close above 1620 level sustainably.
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Trade Setup for Date 11-10-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respsective level considering how price action works near that level.