Prices have nicely formed Up sloping channel and today's Engulfing offers an opportunity to go long at current level. One can risk the amout of one bar only. Prices have bounced at retest of lower trend line . We can initiate the long trade as the details given below
Entry 431
SL 408(closing)
Target 492
Risk/Reward Ratio 2.65
Disclaimer : All ideas are my...
Bearish Pennat pattern: SL:455, Target 1: 393, Target 2: 260
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
As per the H&S pattern, 1st target: 305 which is also the 2nd support after (395 :this was the 1st support level, post which the stock bounced back).
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true
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