1. Fibo Retrenchment from exactly from 78%
2. Moving within Parallel line
3. Middle Line will be work as resistance in current time frame
Note: This is just only education purpose, not for any other.
on daily chart stock is trading along with bearish trend line, it has formed bearish candle and closed below 20 EMA, indicating bearish momentum.
RSI is at 41and continued to move towards south direction, indicating weakness in stock. expect stock to move towards 140 levels
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...