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...
torrent power took strong support and broke its counter trend line decisively + there is a macd confirmation , if looking for entry make sure to enter @pullback and target till previous swing high i.e. 360/365/370
White Trend Lines completes AB = CD pattern of higher trend, while Yellow Trend lines completes the AB = CD Pattern on smaller trend inside a higher one and now a reversal from a low indicates a bullish move. A stop loss line should be studied well.
TORNTPOWER holding longterm trendline as support & trading in a upward channel,faced a stiff resistance at previous swing high 369.
now the redlines marked are the nearest entry zones! once break red zone 309 trade for next redline 272 as target!from where buying can be seen again if it holds the channel
I will go LONG on TORNTPOWER because:
The price is taking support at trend line .
It has touched the support trend line again .
So will look at buying opportunities.
If it falls below the support trend line then short it.
Entry - 312
Target - 350/367
Stop loss - 300
Torrent Power Limited : ( NSE:TORNTPOWER ) is Making Symmetrical Triangle Pattern (PATTERN BREAKOUT TRADE).
This can become a very good trade for iNTRADAY Traders.
Target + StopLoss: There is no target here. You keep the first target as much as the StopLoss you put. And the StopLoss will be the Low/High of the candle that BROKE this pattern. Or ...
Torrent Power Ltd. engages in the business of power generation, transmission, and distribution of electricity. It also focuses on the manufacture and sale of cables. The company was founded on April 29, 2004 and is headquartered in Ahmedabad, India.