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Prestige Estates Projects Limited

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PRESTIGE trade ideas

Prestige Estates - Will it move up or down?It most likely will correct itself today before moving up. The previous three candles are not too convincing to carry itself up. You can place this on your watchlist 'cause the overall trend is up! The daily is clearly in the oversold areas. However there is still space for it to move lower! ====== This is not a recommendation though. Trade as per your knowledge and your risk appetite. And do not base your trade on what I give. Please do your own research before investing! I don't post as often but when I do, the trades are potential movers for the week! So trade and book your profits accordingly. Happy Trading!
NSE:PRESTIGE
by sandeepbalachandran
PRESTIGE:Nearing end of Impulse cyclePrestige has shown impulsive rise from the levels of 285 till cmp of 540.Following patterns were observed wave 1:sub-divided in 5 lower degree waves. wave 2:retraced 61% wave 1,sharp reaction. wave 3:161% extention of wave 1 target achieved wave 4:as wave 2 was sharp and shorter in terms of time,wave 4 turned out to be shallow retracement of of wave 3 and longer in terms of time.Also wave e of triangle is a triangle in itself,typical triangle characteristic. wave 5:Post triangle thrust in the form of wave 5 is observed,wave 5 price target pf wave 1 equality is achieved and price has also entered triangle thrust target zone. So far it seems like we might have completed higher degree wave 1/A and current breakout might not sustain,Going ahead we can see price correcting in the form of wave 2/B.One should wait for following trade setup criteria to match inorder to initiate short trade. 1)Price forming bullish reversal candle(Doji,Dark cloud cover,bearish harami,bearish engulfing,evening star) 2)Price breaking 5 day ema 3)Price crossing reversal candle low.(it seems like we are forming reversal candle today itself,as clearly we have longer upper wick then body). Once this criteria is matched one can go short with reversal candle high or pivot high made as initial stop-loss, target of wave 4 low coming at 450 can be initial target.(which is also 38% retracement of entire 5 wave impulse cycle considering wave 5 ending at today's high). Risk reward would depend upon entry price however i feel one can enter below 532 with a stop-loss of 554 and target of 491-455. Disclaimer:This are just my view on the stock,no position should be build or exited on its basis,posting this just for my future reference.
NSE:PRESTIGEShort
by UNDERDOG-29
4