Key Levels for PVR:
My views are for educational purposes only.
Please trade with caution and consult your financial adviser before trading.
#PVR is trading at its 4-year low price which signifies the strength of its weakness. In a 3H chart RSI(15) is going up touching the threshold of 50 which can be an opportunity to sell on the rise but we will go short once it touches 867 with SL@1231. Position sizing: 18k/lot
PVR stock is bearish on 30 min candle. Tomorrow it will give opportunity to short below 998 for the target of 980, 970 with stoploss 1013.
Sell below- 998
targets- 980, 970
time period- INTRADAY 04-may-2020.
Note- Valid only if tomorrow open price will below previous day closing price and trade below 1000...
PVR Sell at 1694-1695 Stoploss 1750 Target 1600-1510
Reasons for trade-1. PVR is Near to daily channel resistance from which price has returned twice.
2.Daily resistance of of 1700 still nor breached 3. Daily Trend is down
4. Risk Reward is 1:2
PVR technically seems to be in a bear grip. We could notice a descending triangle pattern and also a rising trendline is broken, both of which suggests short selling. We might see price pulling back to 1700 levels and then fall to 1550-60. 38% Fibonacci retracement of previous bull trend falls at 1550 which is around the same area.