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It should have that momentum move SO that the option price does not melts
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LIC Housing Finance on daily chart looks weak.
TP is 489, target 471
If your idea matches mine open short, I will keep you posted as price moves. This is my third idea on this stock.. past 2 Ideas has fulfilled target as suggested, I hope will same here.
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LIC Housing Finance has been moving in very nice parallel channel for a long but it’s looking week on daily chart so there is high probability it can break channel.
After it breaks channel, if you want you can wait for confirmation on 1 or 4 hour chart for red bearish candle.
TP is 516, If it breaks below 510 target are 502, 487
If your idea matches mine open...
Looking at daily chart, LIC housing is in uptrend since Oct 2018 and going up in cyclical very nicely. LICH has recently reversed from new high by resistance trend line showing target of 510 at its support trend line.
Go short for LIC housing Finance.
Using Elliott wave and Fibretracement.
Looking at weekly chart since oct 2018. It has completed 5th wave
and we will soon see correction waves ABC.
Wave A will complete around RS 480/- B wave will pull back to Rs 520/- and C wave will complete around Rs 430/-.
Analysis by Ankit Salgia
Sell Near 567-570 Stoploss 591 Target 540-530 Reasons for Trade-1. Price has formed strong bearish candlstick pattern on daily chart. 2.Price has taken resistance at daily channel 4th time 3.Price has taken horizontal resistance 3rd time. 4Risk Reward is more than 1:1.5