Will Powergrid showing sign of exiting it??Power Grid has been trading in a range for a while and it is showing sign of some weakness.
Major Trend - Down Trend
As there is a BoS of the previous market cycle.
Minor Trend - Sideway to range bound.
The market tends to retest the swing low in the coming month.
Stock has taken a strong resistance from 20 & 50 EMAs. Weekly close is below 100 EMA.
If the stock follow through the downside movement, entry for a sell trade is there with a 1:2 R:R ratio.
Entry :- 270
Stop Loss :- 279
Target :
Short
