from the chart it is clear that stock is reacting to the drawn lines, it is indicating that stock is in clear downtrend and trusted buying could be done only at the purple line which is lying around 645-650.
right now price is at 30 month high + 30 month low /2 and also 60 month high + 60 month low /2 , both of them are lying at 676.38 eventually, making the price at here a strong support.
fresh investment can be done here with 30 percent capital with a stoploss of 7 points here which should be 669 weekly close , target 710 and 764 using trailing stoploss and strict discipline, but if price can be available at the purple line , then it might prove a sound investment.
however it should be remembered that in the past it have always touched the purple line after breaking the green line. In that scenario a short can be initiated for target 650 and stoploss should be 696
happy trading
right now price is at 30 month high + 30 month low /2 and also 60 month high + 60 month low /2 , both of them are lying at 676.38 eventually, making the price at here a strong support.
fresh investment can be done here with 30 percent capital with a stoploss of 7 points here which should be 669 weekly close , target 710 and 764 using trailing stoploss and strict discipline, but if price can be available at the purple line , then it might prove a sound investment.
however it should be remembered that in the past it have always touched the purple line after breaking the green line. In that scenario a short can be initiated for target 650 and stoploss should be 696
happy trading