Using pitchfork indicator:
Crossing 172 indicates significant trend reversal expect it to reach 178 then 182 -185 .....
Further Supporting Factors are current price , strength of stock , market sentiment , Sector , Previous length of down wave
Caution : This is just educational purpose only , All trading strategies are used at your own risk .
NSE:POWERGRID
POWERGRID is in its support region and there is a resistance from above also. So, if it break out the above pink line with heavy green candle than it may go UP
if it breaks the below support region than it may go down.
If you look properly, this same pattern is repeated multiple times in Powergrid.
This is just my analysis
DISCLAIMER :...
I will buy POWERGRID because :
It has been taking support at the trend line .
It has touched the trend line a few times and has not been able to break it.
So will be looking at buying opportunities.
If it breaks the trend line downward then look at shorting opportunity .
Entry : 172
Target : 191
Stop loss : 166
This is a simple trend line set up, with a very good RR.
With the large intraday correction, the prices are good for entry, and may see further upside.
Buy below 180.
SL @ 170.
Target @ 200.
The horizon for this trade is 2 weeks.
We can see Power Grid stock in uptrend & successfully BO the level of 173 & trading above the 50 EMA Level. Now since last 3 days stock is trading in a range. Now next big move we can see after the BO level of 183 as marked in the charts. Also we can see the minor pull back. Also on weekly chart a bearish engulfing candle has been seen. So let's wait for the...
