Trade Setup for Date 27-09-2021:
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up...
EXPLANATION: This is a 4hr timeframe chart of PVR. The stock has been consolidating for the last 80 days in the tight range of 1300-1450. As a trader, We buy at the bottom and sell at the top. I am seeing a very good buying opportunity in PVR because of many reasons. It has formed a double bottom pattern near its major demand zone and went into tight consolidation...
As lockdown get uplifted in various states, Media stocks like PVR, Inox can move higher in anticipation of opening of their business.
The chart also forms a inverse HNS pattern, which is a good bullish pattern.
So I posted 1hr analysis before this which was part-1, for early entry.
I am anticipating a close of above 1300 will give a boom in this stock.
for now on 1hr patterns we got 1hr W pattern breakout = a good move can be seen for a while then we can anticipate the 200dema breakout on D chart for further movement :)
PVR to take long entry above 1430 for the target price of 1545 with the SL of 1365. Very good risk to reward trade. stock is taken support & expected to touch the level of 1570. This is for pure educational ideas.