As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=118. But the short term forecast is range bound, so we expect to reach the following targets: TP3: S1=117.3. TP4: S2=116.9. Set the stoploss of these orders at breakout of R2=118.2.
Stop and reverse: If trend gets reversed, buy (stop) orders will be opened at breakout of R2=118.2. In this situation, there is an expectation to reach the target R3=119.05. Set the stoploss of reverse orders at breakout of R1=118.
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