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Bravetotrade
Jul 26, 2020 7:42 AM

Marico: Heading towards Resistance Long

MARICO LTDNSE

Description

This is a potential buy setup in this uptrend with SL 338.75 and targets 379 or higher towards 400 resistance zone.

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Regards

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One of my old educational posts :)

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Caution !!! Results today.

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360 has been a resistance. So assuming that up trend is still intact, there could be two possible setups. Buy if price holds at A with small stop loss. OR let the stock break 360, pullback at B and then buy with a stop below the swing low.

If stock does not hold at A, then there is no buy.

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Scenario B is working

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370 has become a hurdle. But higher lows are still intact. Not a bad weekly close as well.

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Trend is getting weaker.. stop to breakeven.

Trade closed manually

at 376.5
Comments
InfamousSlayer
Might fall tomorrow after earnings release, reversing the uptrend
Bravetotrade
@InfamousSlayer, Ohkay..then it might be volatile intraday. Need to be cautious.
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