The channel has been holding for a while. Will update on entry.
Didn't enter. Feel the down-trend was too strong. Just for reference.
New Position Stop Loss 1300 Target 1400, 1430
Can trigger tomorrow. Look to ride till the resistance.
New Position Failed breakout of the lower side of the range. Two targets as shown. Highly illiquid counter. Stay away as it can wipe off your entire capital.
Weekly TF Measured move points to a target of 720 Try to trail sl to breakeven, once prices are near the resistance region.
The down trend channel will keep me away from going long though
I am not a big fan of this stock. Note the inherent bearish bias :P Coming to the channels, there is a long term down channel working in the background. The rise of Stock post-Covid fall can be explained as an attempt to return to the top of the down-channel as shown. Please look to enter at the supports shown on a bullish retest.
The stock has been in an uptrend from June 2020. A channel within the larger channel has started forming because of weakness in prices. We have not been able to touch the trend channel line of the larger channel. So, observe caution whilst setting ambitious targets.
The 21 ema is a possible barrier. But this can be a good trade.
Barriers to trade: 21 EMA Down Channel Use Risk Management to decide the position size
Can the short term trendline keep the prices from falling back into the channel? Patience advised.
Prices following the trend neatly. A strong retest of the trendline and the support.
Target and Stop levels are given to be followed strictly.
The stop loss can be unsettling for some. Please use position sizing.