This is a public swing trade idea from "one right trade" and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. We would comment on any further updates on our entry, targets and stop-loss on this idea, so make sure to follow it if you want to get further updates. Our objective to help...
IPCA posted the highest weekly volume on a down week since 2017. The stock has been trending since 2017 and it has risen 200% approx. The stock price has become extremely volatile and loose, it's a typical sign of topping out. i wouldn't go long on this one
Distribution in clearly visible on chart. Bearish engulfing, long wicks near 1500-1600 zone is telling that supply is clearly there in counter.
Sell IPCA Lab with stop loss of 1400 on daily closing basis for Target 1150-1050-850
- A comparison of its previous movement and predicted movement is provided here-in-below:
- The last trend started from 2nd week of October, 2018 which lasted till March, 2019; in which the stock gave as good as 66% return
- Note that from Oct to Jan, the stock was consolidating between the 50% and 61.8% retracement level.
- The current trend begins from Feb...
- Excellent stock for entering short
- Every time the stock hits its the trend line it bounces back to its 50 DMA which lies somewhere around 770 levels
- Note dropping volume, indicating that sellers are taking the toll
- RSI is just hovering near to oversold zones
- MACD is indicating loss of momentum
i would probably like to go long in the counter and still feel that a some sort of strength still left in the script ... keeping in mind that a tough tough resistance at range of 685 - 695 is diificult to break!
sl 637 - 640
tgt 685, 695, 734 +++
Previously on daily chart, it is been observed that the price action is ranging in a uptrending channel. Today, on hourly chart, there is formation of Bearish Gartley pattern has been observed which indicates selling pressure at 630 levels, where Bearish Pin-bar pattern is also observed. There is also a MACD crossover that to be noticed too. The above said factors...
It is been observed that the price action is trending in a channel for a while and now it is currently ranging near the upper trendline of the channel or resistance levels where a pull back to other trendline or support can possibily be seen before a breakout on either side of the channel.
Other Indicators signalling Bearishness:
1. Macd Crossover
The price action is been trading in an uptrend channel for while and it is been going up and down within the channel's trendlines. Today's it is been observed that the price action is correcting after touching the high point of trendline resistance, indicating selling pressure. Now it making lower highs indicating prices to go further down. Now, it is correcting...