SWING TRADE IN ACC CEMENT(CONDITIONAL)
RANGE BREAK-OUT POSSIBLE
ASCENDING TRIANGLE WITH HIGHER LOW FORMATION
BUY@1651-55(ABOVE 1650 ON CLOSING BASIS)
Range consolidation has been happening in the past 4-5 month, which was breached.
The breach was tested again and found a support at consolidation trend line.
Currently, hovering in Breakout/Reversal Zone (defined by nearest pivot at those levels)
If breakout, the next immediate target could be next pivot at 218.
If reversal, the consolidation trend line might be...
AB is a Range confirmed by pivots 'CDEF'.
As HTF bias is to the upside the price is likely to break the range resistance and continue to move up.
Green line: represents rejection or unacceptance of break of range boundaries
Orange line: represents acceptance of break of range boundaries
Trades can be taken one the pullbacks.
1. AB is the Range confirmed by pivots CDEF.
2. 'A' the Range resistance is broken and given Unacceptence by candles 1 and 2.
3. Yellow line show's the immediate fall in price and Green lines shows pullback and then fall in price
4. Target 1 will come at 1:2 RR
Target 2 can be trailed with respect to priceaction. Once the first target is attained stop loss...
AB is the Range confirmed by CDEF pivots. E and F are just the push backs as they are not broken yet and hence counts as pivots inside range boundary. However when E or F is broken below are the expected scenarios .
Scenario 1 : Acceptance - Orange arrows
Break and Acceptance of 'E' will give a Long setup
Break and Acceptance of 'F' will give a Short setup...