Rejections candles visible in the chart, check volume in abs number and (both highlighted in the box). My view is not to go long from here now. I will wait for followup candles.
Comment
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As mentioned inspite of high volume price started rejecting at higher side. Volume is a leading indicator but be careful at which stage of price structure volume spikes. Hoping people have started trailing their profit. To enter we need to wait below 260 levels.
Trade closed: target reached
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Closing this trade, Our analysis was bang on despite Nifty remain positive today, ITC was down.
what if someone having a position of long ? should they exit?
guptapriyaank
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@harshmanglani36, Hellos, I mentioned that fresh longs is not advisable from here. If you have existing position in it then consider partial booking or follow trailing stop loss to protect your profit.