Adani Port - Bearish Engulfing on Weekly - Short Candidate

ADANIPORTS is making bearish engulfing on weekly and that makes it a perfect short candidate for next week as long as it closes below 690 on todays weekly close. Also Fibonnaci shows retracement on downside and also getting rejected from trend line resistance.

One can carry shorts with SL of 710. Expecting 638-640 levels on the downside.

Let's see how the story develops. Best wishes!

Disclaimer -

- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.

TIA!

Trade active:

From 681 to 666. Trade active!

Trade closed: target reached:

636.60 weekly low made today which was also my target. If the stock gives a close below this, I would positionally play this for 533 target

Comment:

633 low made for the week!