Long white day candle was formed where the price is up by crossing the previous 3 days of the candle.
Control Price (ii) which is spot nifty target (11540) and resistance nearby it. Notice, many times "control price (ii)" shown its strength.
The possibility of Profit booking can be 11525-11580.
CIPLA has been trading in a range for almost 5 years now ( Look at the chart)
But, now I think we might see a new trend- Potentially a bear one.
The problem with most traders is they think "indicators are everything" which is simply not true.
A fancy cluttered chart with 10 indicators doesn't mean accuracy at all.
I think you can trade with just basic tools, you...
Banknifty opened at the resistance of (3) wave 27701 nearby which is at value high. This resistance pushes it toward the control value at 27463(gravitating) and (4rth) wave at value low. Looking at it seems that short declining wave can start for the target.
Above all levels are for a spot.
theres lot of newsflow , but stick to ur plan !
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Channel Breakout Trading-Break and Retest Support
1.Price broke the Parallel channel on 45 Minute Chart
2. Daily trend is down
3.Price has resisted from daily channel resistance
4.Price has next support 335
5. Risk Reward 1:3
Sell at 358-360