MCDOWELL FUT is on the verge descending triangle break out on an hourly chart with decrese in OI suggesting short covering, add more above range break level of 1027.
Could be bought with mentioned stoploss & target.
The whole trade setup is displayed in the chart view. Relate this idea to a 5 minute time frame chart and you will get the Idea.
Mcdowell-N is forming a bullish trend on the daily time frame chart.
However it is also important that you take a look at the movement on a 5 minute time frame chart for trading purpose.
McDowell_N had a nice breakout and was consolidating for last 2-3 days after breakout. It did not come down to touch its support, rather it found its support at higher levels. Lets wait for Bull Power Indicator to cross above Bear Power Indicator to go long in this stock or go long above 720, high of the breakout candle.
Disclaimer :
Trading is never ever...
MCDOWELL had just broken out and closed above the resistance trendline in daily timeframe. One can use this opportunity and go long by opening or wait for a retest and reversal around 625 ranges in hourly timeframe. Target for this breakout shall be 665 to 670 ranges and SL to be maintained is 614 ranges.
