Please see history of Nasdaq 100, how it has reacted near 100SMA (on weekly time frame). If markets have to reverse, then 100SMA is a good place and if it doesn't respect that level, then we may see correction up to 40% in NASDAQ 100 from the level of 100SMA.
KEEP IN MIND: There were many instances when it broke 100SMA, but didn't fall. To solve this, always wait...
This is Monthy chart of Midcap Index. Do I even need to say anything?
Edit: Apply 100 SMA on monthly Time frame and you will see it has taken support on 100 SMA after every correction.
First in 2009, second in 2013, third in 2020. So the target should be around 100 SMA.
Since March 2020 Nifty is in a bull run and has been creating a steep trendline, which finally has been broken nearly after 2 years. Are we going to see a deep correction now? Only time knows. Apart from that Nifty has created a Head and Shoulders pattern on a Daily Time frame and that is too near all-time highs.
I took trade-in OIL on 17th Sept 2021. My entry was near 197.60 as (197.60 to190) is a demand zone for this stock. Given the current global scenario, I am a bit worried, but as a trader, emotion is the first thing you should have control over.
My entry-197.60
My Stop loss- 190
My 1st target- 205 (1:1)
My 2nd Target- 213 (1:2)
Please note that: Once my 1:1 is...
I have taken a long position on ONGC on 17-9-2021
The reason for taking a long position was a demand zone that was created between 125.38 to 121.10.
It is also trading in a channel, so my target is the upper trend line which also fulfills my 1:2 target.
My entry point: 125.40
My Stop Loss:121.10
My target: 134
I will update once SL or Target gets hits
WARNING:...
Monthly timeframe of SBIN. We can see SBIN forming a rectangle kinda pattern. It's yet to go boooom. (This is my personal opinion, I am still noob, so don't take this as investment advice)
