the stock has started its downward movement from past few days. now the stock is trading near its important support zone marked on the chart.
More downside possible if the stock breaks down from the support and gives closing below the level on daily closing basis. Expected target can be next support zone marked in green on the chart.
Keep the stock on radar....
SRF Ltd has taken its breakout from ascending triangle pattern, so give an entry with appropriate Stop loss
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
Aggressive traders enter at the breakout and conservative traders may give entry after retracement...
I have market the levels in the chart itself. Please refer and comment if you have any doubts !
Selling at CMP
Target : 3725
Risk : 3932
Risk : Reward is 2.57
Do follow me on Quora (Jago Niveshak) for daily calls / stock tips to trade the next coming days.
Thanks for keeping me motivated by showing your love and support !
SRF AT PRESENT SEEMS FORMING AN INVERTED CUP AND HANDLE PATTERN.CUP FORMATION IS ALMOST COMPLETED HOPEFULLY AND HANDLE PATTERN FORMATION CAN BE CONFIRMED ONLY AFTER THE PATTERN IS RESPECTED IN NEAR DAYS.
BUT IF THIS PATTERN IS SUCCESSFUL ITS A GOOD SHORT WITH A GOOD RISK REWARD TOO.FINGERS CROSSED THIS WILL BE IN MY WATCHLIST AT TOP.