Some recovery can be seen after the recent sell off. There is monthly support at 110 area and market has respected the same. Market took support around 110 and since then has been ranging between 110 and 125. The third retest of 110 saw buying with momentum. Expecting this momentum to continue till 140 - 150 range. A look at the open interest indicates that currently market is negatively biased. There is high OI built up at 125CE and 130CE. If momentum persists then short covering can take the price higher. After the break of the current range, targets are marked as T1 and T2.
Propose to wait for the current run to complete and retrace to a level near to 110. Next time when Stoch RSI indicator falls below 20 (or <40) and crosses over the signal line, entry can be taken on the long side. Stop is at 110.
Propose to wait for the current run to complete and retrace to a level near to 110. Next time when Stoch RSI indicator falls below 20 (or <40) and crosses over the signal line, entry can be taken on the long side. Stop is at 110.
Trade active:
Got filled around 115 and updating first target to 128-130, stop is 110
Trade closed manually:
Closed this trade at 120. The reason is it has not given a proper higher high. Last couple of month's it showed consistent lower highs. I was hoping that the current moment will take the price above 125 however not showing any signs as of now.
a236z