Ideal entry once retest of the support of successful on EOD basis
may decide to wait this one out as all indicators extremely bullish
this could easily turn into a short trade given certain conditions met
Target - 22940
Had been waiting for this breakout
Price should hold above current support at smaller channel ceiling (confirmation)
SqzMom bullish and rising
Target 7035 - based off of the previous larger channel
SL - 6320 (smaller channel ceiling) on EOD basis
Trading in Bullish Channel
Formed Bullish Hammer
MFI has bottomed out
SqzMom has started to turn Bullish
VixFix could signal completed bottom anytime now
Looks sorted if the current trend support holds tomorrow and day after
Stop upon clear breakdown below trend support on EOD basis
If you ask me, it looks bearish as it broke resistance and failed retest, then retested new resistance and now validated it and remains below 7330.
Earnings are also in and the emotion is bearish.
All levels in the chart.
High OI at 7000. Once that is broken, we could see price drop fast.
MFI pointing down.
I would target 6850, and trail below.
Last 2 days had decent volume and price has broken support clearly and decisively.
New Range - (1430 - 1540 - 1620 - 1680)
MFI decreasing rapidly
Rising volatility (ATR), also check IV
IF breaks back above 1685 then this view will need modification.
If Tomorrow open Market gap up on 15800 Level then Go Short for 50-100 Points
If Open Flat then waits and Sustain more than 15 min then don't trade. (15780-15740 )
If Market Open Gap Down then go short up to 15580 if this level breaks then 15515
Major Resistance:- 15780
Major Support:- 15880, 15515
All Advice is for Educational Purpose ......
MAHINDRA & MAHINDRA is forming a Triangle Pattern. After a good up move it can be corrective wave, and it is constantly taking Support at previous Resistance. There are some more reasons that probably it can give breakout, but, I am not mentioning them, check on smaller time frames as well, and take trade only after your system or rules give confirmation. And...
Just sharing my idea on TCS
It took support from trendline and support zone
Target of 5% book profit near supply zone that I created
Stop loss of 2% near my support zone
I have my own open position in tcs near trendline