LIC HSG has been in a downtrend-correction for a while, testing the 200 EMA.
Juts bounced above it,probably ending its correction considering the lifetime charts,If only it can hold above 200 ema
Currently on the edge of the wedge, awaiting a breakout/reversal.
NSE:LICHSGFIN , CMP 622, has made Head & Shoulder pattern and may lead to a big fall now.
However we may see some retracement, to 640-680, before the action.
Short setup
Sell LIC below 614 with SL of 690 (short SL 636). Target 550 / 520
Instead of keeping the short SL it will be better to hedge the trade and buy 630 CE @ <14 (buy only when the actual trade...
LICHSGFIN is bouncing off the neckline for four months now.
It gave a small breakout and is retesting the neckline now, sitting in breakdown/reversal zone.
Symmetric Triangle on Lichsgfin and it may break either side.
Trade Long:
Entry - 749
Exit - 785
Stop loss - 733
Trade Short:
Entry - 733
Exit - 697
Stop loss - 749
Symmetric Triangle formation on LICHSGFIN and it may break on either side. I have mentioned some levels for trading.
Levels for Long:
Level 1 - 569
Level 2 - 581
Level 3 - 593
Level 4 - 608
Levels for Short:
Level 1 - 547
Level 2 - 531
Level 3 - 517
Level 4 - 505
"Happy Trading"
