wedge pattern breakout happens and retested nearby support.
If RSI above 50 and it sustain price tent to move up. (based on historical event)
some negative:
1) nifty auto index is still in downtrend
2) from investing.com article:
The demand momentum for 2-wheeler remains weak, attributable to the lower end of the income group being more impacted due to the second Covid-19 wave, rising fuel costs, and price hikes by OEMs which has led to elevated levels of channel inventory
TARGET 1: 10 %
TARGET 2: 25 %
S L : 8 % (4% S L previous swing low, but nifty @ all time high if a retrenchment happen it will hit very easily. so that i prefer 8% as S L)
If RSI above 50 and it sustain price tent to move up. (based on historical event)
some negative:
1) nifty auto index is still in downtrend
2) from investing.com article:
The demand momentum for 2-wheeler remains weak, attributable to the lower end of the income group being more impacted due to the second Covid-19 wave, rising fuel costs, and price hikes by OEMs which has led to elevated levels of channel inventory
TARGET 1: 10 %
TARGET 2: 25 %
S L : 8 % (4% S L previous swing low, but nifty @ all time high if a retrenchment happen it will hit very easily. so that i prefer 8% as S L)
Comment:
placed GTT at 2810
Trade active:
executed at 4810
Comment:
broke the first support and retesting it. if it sustain, target will reach sooner
Trade closed manually:
support breached. due to continuous sell off in nifty all stocks fell.
exited at 2450 level (gtt order)
exited at 2450 level (gtt order)
Trade closed: stop reached