Exide chart detailsThis guy break the trendline and it fails to sustain because of nagetive sentiment. Breakout statagies mostly works on bullish or sometimes in sideways.
Present market is in bearish.wait for positive sign.
The possible entry is 184 level breakout.if your a risky trader take small position when the price breaks the blue trend line.
Now.,the best thing is wait for bedget meeting
EXIDEIND trade ideas
EXIDE INDUSTRIES SHORT-TERM SWING TRADEHi everyone, Exide industries short term swing trade consider buy above: 170, target: 188, stoploss: 164.
LOGIC BEHIND TRADE: Stock formed W & double bottom pattern and given breakout of it`s resistance, buying on pull back with small stoploss makes good RR (targets identified from xabcd pattern level 1.131) stoploss is previous swing low above 173 stoploss will be at cost. NSE:EXIDEIND
EXIDE INDUSTRIES : SUPPORT AT DEMAND ZONETaking support at previous demand zone, making similar pattern like amaraja batteries
Should wait for 175 to 180 level to break for fresh buying in exide industries.
Disclaimer
The analysis is only for illustration purposes only. Please consult your financial advisor, agent, broker before acting on any information. We may or may not have positions in the stock and our actions may be contrary to the one mentioned here. This analysis may or may not be updated. We would not be responsible for the profit/loss resulting from this analysis.
Swing Opportunity in ExideGo Long above 168.15 for Targets of 174.3, and 180.45 with SL 162
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around 0.5 Fibonacci level.
4. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.