SO TRADERS EVERY THING I HAVE EXPLAINED IN CHART IN SHORT THAT WHY I WILL TAKE TRADE ON THIS
MY TRADES WILL BE AS FOLLOWS
RISK- 5.50 RS PER SHARE
REWARD-13.4 RS PER SHARE
Because wedge patterns converge to a smaller price channel, the distance between the price on entry of the trade and the price for a stop loss, is relatively smaller than the start of the pattern. This means that a stop loss can be placed close by at the time the trade begins, and if the trade is successful, the outcome can yield a greater return than the amount...
It will be strong if it will sustain above 1050. If it will manage to sustain above this level then it may test its upper supply zones. Please find the supply and demand zones for target and stop loss.
India cements started trading above its 20 EMA channel.
Recent hike in volumes shows interest of big players.
Buy India cements with CMP 104.4 with the stoploss of 95 for the swing of 2 to 4 months.
Target 1 - (116-120)
Target 2 - (145-155)
Target 3 - (200-225)
Reliance is looking good above 1380-1400. If it will manage to sustain above this zone then it may test its next supply zones soon. Please find the demand and supply zones for the target and stop loss.
It looks like complex correction is in process(Triple Zigzag to be precise). So the view is bullish for short term.
Also there is a breakout of bearish channel and the Target for the same turns out to be 9600 and 9850, ideal stoploss for the setup can be below 8800.
Nearest Support levels: 9000-8800
Nearest Resistance levels: 9600-9850
Strong rejection is seen from 189 level indicating resistance at the upper range of consolidation. Also the chart pattern under formation is Rectangle.
Rectangle is a continuation pattern so the positions can be initiated once price breaks and sustains above 189.
Target after breakout will be 204 and 216. Stoploss can be maintained below 162