Chennai petro is testing resistance
If it decisively breaches resistance this will become support.
Hence a trade should be triggered with formation of a candle above the resistance
Long position to be taken with formation of candle above 467
ACC Ascending triangle breakout
Long Position to be initiated If 1817 is broken decisively. for a target of 1870. with SL of 1795. Low of green candle body
Alternatively sell 1780 PE @ 27.50
Channel Breakout Trade
The script had been moving between the channel.
Will wait for channel breakout and wait for the next candle formation.
If it breaches the resistance will buy it keeping the SL at new support which is previous resistance.
Alternatively if a red candle is formed we can short keeping 1 point above the existing resistance as stop loss. Need ...