Price formation qualifies of a short as per Victor Sperandeo 2B Pattern. Price closed above the previous high yesterday with good volume but got rejected immediately and closed below to low of yesterday. We can short the stock with stop loss of just today's high. Risking the small amount gives an opportunity for a decent Risk to Reward ratio.
Showing good momentum since last few trading sessions.
Round bottom formation is in progress on weekly charts.
stock is currently trading at 50% Fib Level, If it sustain above that, One may go long in stock at CMP 695 with a SL below recent swing low 640
Final target is 1080 with intermediate targets of 776 and 907
The stock has broken weekly levels with very good volumes.
All my charts are for informational / educational purposes only.
I post ideas to share interesting setups forming in the market that might lead to generating new trading ideas for fellow traders and myself.
No buying or selling recommendations will be given or answered, please do your own due ...
It is been observed that the price action is breaking out from the previous resistance levels of 430 and made a new high at 437, which is indicating bullishness and further prices should go up.