Levels are mentioned on chart for Swing trading.
Please check the description section for early entry level in given stock to get better Risk to Reward ratio.
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Early entry: 1400
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I find Balance Line chart a easy and fast way to gauge the performance of a stock in relation to itself. Pidilite has been consolidating for a long time now except for the spike between Jan to Mar 2020 the brief green area on the chart.
Profits will stick to those who stick to Pidilite. Afterall, the company manufactures Fevicol!. The Price action has an almost perfect setup for going long - double bottom, consolidation, a nice rejection candle with a long tail. Technical indicators are positive too - RSI Bullish Divergence among other indications. The blue horizontal lines are Gann Levels -...
Consolidating at 38.2% retracement level, crossed above level, also hammer at the bottom seems bullish indication, crossed 20 days ema but still below 200 days ema.
looks bullish on chart and can be considered as swing trade.
important levels are
entry range : 1380-1390
stop loss : 1360-1365
first : 1450
second : 1490-1500
Pidilite is on Bullish trend as of now.
Moving with in ascending channel pattern , if tomorrow will on same momentum than only this setup will work.
Invalid below support level which is 1395-1385 (SL for Swing trade).
Let's see if it completes the ascending triangle in the hourly time frame.
Will short when the pattern breaks.
The first target is 50% retracement of the symmetrical triangle.
The final target is 100% retracement.
!! swing trading !!
!! follow 1:3 Risk Reward Ratio and 2% Rule !!
!! please note trade with caution and manage your risk !!
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