1) Weekly Trendline Support Broken.
2) Entered into Stage III - Consolidation/Minor correction.
3) Taking Support at 225.
4) If we apply Dow Theory:
(i) A close below previous swing low (HL/214) may result in change of Trend. Which is Stage IV - Downtrend. OR
(ii) Stage III may continue for a while before it enters next Stage II - Uptrend.
Cmp - 232
Stop - Nil, Add more on relevant dips
T1 - 500
T2 - Open, Review at 500
Expected Holding Period - 12 months or earlier for T1
Technicals - ✅
Fundamentals - ✅
Ideas being shared only for educational purpose
Please do your own research or consult your financial...
Weekly Chart Analysis:
S & R trade, Slowly crawling on orange trendline. Can buy at CMP at wait for triangle breakout. SL -> weekly closing below orange trendline. This trade is tricky, manage position sizing properly.
Wait for 1 Green Candle
Buy above the High of that candle
if it breaches 258s levels
Target 1: 304
Target 2: 328
Volume is huge in the upside whereas its very low during the fall
Its a shake off from big players
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