INDIAN HOTELS RETEST AND BOUNCING BACK!!!From the chart, it is evident that the stock took support at previous resistance of 191-195. After taking support at the mentioned level, it has completed retest and is moving back up. I am bullish on the stock for the next few weeks as it can give a great upside movement.
Indianhotel
#INDIANHOTELS INVERTED HEAD&SHOULDER BREAKOUT The weekly charts for the stock shows an inverted head and shoulder pattern that ha clearly broken out.
Can u believe that it moved more than 41% . It also had taken out a major previous resistances since 2008 and 2018
while breaking out. The price momentum and trend indicators are bullish on every timeframe.
An entry could be made on daily retracement candles and FIB levels 23 could be stop loss for swings while
Neckline of HNS pattern can be positional long term play in this counter.
Strong resistance at 139Price is rangebound as of now though being in a rising channel. There is a strong resistance at 139 from which the price has been rejected once. MCD is showing bearish cross over even though RSI is oversold. Price just tested the 50 EMA. In the past whenever the price touched this level, it showed a huge fall. Wait for it to break resistance and test 139 as support. Might fall out of the rising channel. Overall I am bearish on this. Message me if you want faster updates.
DAILY SWING CALL // Tuesday 16th of Febr 2021 / NSE: INDHOTELDAILY SWING CALL // Tuesday 16th of February 2021 / NSE:INDHOTEL
// This is a swing trade call and not an intra-day trade. Please do not expect the stock to go up on the same day of posting or within a few sessions. Please follow the notes along with the posting before, during and after entering the trade //
CMP / LTP: 131.95
TARGET: 152+ (15% Around)
STOP LOSS: 120 (10% Max)
Standard Notes:
- Please follow the Stop Loss strictly and preferably on a daily closing basis.
- Recommended Profit Booking / Exit is on +12-15% & If you still want to hold the stock, trail the SL once this target is achieved.
- Duration: 15-20 Trading Days is suggested for all my trades and is an indicative period.
- If SL / Target are not triggered and you still wish to hold the trade, this can be done as long as SL is followed or trailed.
Disclosure: I may or may not have a position in this trade.
Disclaimer: All the recommendations are subject to market conditions. Please trade at your own risks.
# 17 Long Indian Hotel for a Target of 95 and 110.NSE:INDHOTEL
Reason Being:
1. Formation of Bullish Pennant and It is a Continous Pattern means Prior trend resumes after Breakout.
2. The stock has support in the zone of 78 - 80.
Every Price Action Pattern after breakout provides some Target Range and according to Triangle:
Entry Price: Above 81
Target Price: 95 and then 110
View Negated Below: 78 in Closing Basis.
#Disclaimer: I'm not a SEBI Registered Research Analyst, These are my views, please consult your Investment Advisor before buying and selling any position. This is just for Education Purpose.