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achalmeena
Sep 2, 2018 12:04 PM

Britannia - go long  Long

BRITANNIA INDSNSE

Description

Recent low was on 7th Aug 2018 : 6172 and high was 6909 ,
6909 - 0.23(6909-6172) = CMP of 6739
What a coincidence?

Other levels using Gann :
6330 (sq root of 6172 +1 and again squaring)
6490 (same as above)
6652
6816
6982
CMP : 6736

So , T-1 : 6816 (as discussed above also by drawing tangent to SMA20)
T2 : 6842 (by drawing tangent to SMA20)
T3 : 6874 (by drawing tangent to SMA20)
T4 : 6918 (.618 of diff between 6982+6816)
T5 : 6982 (as discussed above)

Why to buy above 6752 ?
Its .618 of diff between 6816 and 6652)

I don't bet for big move for few days , it may consolidate or may also go down till 50% retrenchment , i.e. 6540 (but it has already done so on 30th Aug 9:15 candle)

Trade closed manually

After breaching 6752

Comment

new supports 6652 and 6540

Comment

also breached 6540 next possible target 6380

mid point of both the above levels is 6460
0.618 would be 6442

I would not be posting/updating further in this thread
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