Note: This is for educational purpose only.
21 EMA seems to act as dynamic support. Moreover, 21 EMA is above 55 EMA which indicates short term bullish momentum. RSI at 58 is nearing bullish momentum. There seems to be a inverted bullish hammer at dynamic support.
Grasim looking strong as it broke its long term trendline and currently trading above it. In previous day session it broke an imp level. On high time frame, it is also looking decent for long term buy. All imp levels are marked on charts.
fresh buying only is recommeded if trades above PGH and sustains.
In previous idea...
GRASIM BUY ABOVE 596
TARGET: 599, 603, 606
GRASIM SELL BELOW 590
TARGET: 587, 584, 581
Posting for Educational purpose only
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Grasim broke out of its triangle pattern today and opened gap up.
As of now,the stock is retracing back to its upper trendline and it can provide a good opportunity for a swing trade with 3%/5% targets depending on the RR.
Trade will be initiated when pullback occurs. NSE:GRASIM
The strategy works best on 5 min timeframe. The results may very different depending upon time-frame and date range of your choice.
The default trading quantity is 2. I have added functionality for part profit booking which increase profit and always keeps you in trade.
I have tested this indicator on 5 minutes time-frame on National Stock of Exchange(India)...
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.
Reward is 8 to 15 times.
- My setups are just based over the trendlines because every trader have their own strategy which plays out for them.
- Over the higher timeframe the major support line for the Grasim is broken down and retest done.
- Taking a short trade here for 1:5 R:R is good for me. or it's worth to take it.
Taking this trade on futures.