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SHRIRAM TRANSPORT FINANCE - DESCENDING TRIANGLE UPSIDE BREAKOUT
THAT WAS A STRONG SIGN FROM BULLS THAT THIS STOCK IS TURNING UP AND ITS IN THE STARTING STAGE OF ACCUMULATION.
WE CAN NOTE THE THE STOCK HAS BROKE OUT AND CLOSE ABOVE THE HEAD LINE OF TRIANGLE FOR TWO CONTINUOUS DAYS WITH THE STRONG SUPPORT OF 20 DEMA LINE AND EVEN STRONGER CLOSE ABOVE 61.8 FIBO ...
INTRADAY TRADE (TRADE FOR TOMORROW | NOVEMBER 1, 2018)
BUY SRTRANSFIN BUY ABOVE 1172
not sebi reg
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 in first 5 minutes and follow ORB strategy
Short term position -- target is 1100
H&S Pattern: Target: 460, SL:1200, Sell: 940
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Long with the stop loss mentioned
This is a weekly chart of ShriRam transport Finance Limited.
As shown above stock has given a bearish Head and Shoulder pattern at all time highs on long term charts which signals the big rally it had may be coming to an end.
Sell stock on rallies towards 1180 1220. Positional targets are 940 and 880
One Can have an visual understanding after viewing it with trend line placed , with out trend line it looks simple a Monthly chart ,
Here i am trying to say that basically trend line is only for what kind of pattern we are looking in the chart , they do not mean any kind of support Or Resistance ,
do Elliott wave theory works in the real time market ? answer ...
.... levels mentioned in chart
sell if it crosses PDL with a stop loss at last swing high
# Both entry and exit posted .
#RM- combination system.
Net profit &.5 rs / No
# JUST SHORTED.
Short below 1170 with stoploss above trendline..
Potential target zone for short is 0.786 fib, nearby 1000 levels..