2 KEY QUESTIONS TO BE ASKED IN EVERY TRADEWhenever you see a higher time frame chart you should ask 2 questions --
1) What trend is the market in ??
2)where are major levels of structure that you should be paying attention to - in that direction ?
SO in the chart i have shown above, the answers are following
1) Trend is bearish
2) Major levels of support and resistance are drawn in Horizontal blue lines
How did i draw blue Horizontal blue lines ??
Those blue horizontal lines are levels of support / reistance which has been tested atleast 3 times
So i shall now proceed to tell you the story of SUNTV
So Now what is Next in SUNTV ???
) Trend is Down
2) Horizontal blue lines are areas of Support and resistance
So unless you do not get a daily close above 650 (which is an area of resistance) - do not attempt to go long.
If you are short - keep stop loss at 650 ON DAILY CLOSING BASIS
Your target should be level of previous support - which is 450 (100 points)
Presently Escorts is trading @ 550 - SL for shorts is @ 650 (On daily closing basis)
I REPEAT - STOP LOSS IS 650 ON DAILY CLOSING BASIS
