This analysis is purely based on Price Action & Chart Patterns
Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.
As can be seen, Price has been testing the resistance trendline multiple times.
But this time, after getting rejected from that resistance level , it took good support from 200EMA and appears to be consolidating
and again ready to test that resistance level .
Trade Strategy -
(1) Entry to be made on the high of breakout candle. (Traders can wait for weekly closing candle or may enter in 50% qty on daily closing basis and rest 50% on confirmation with Weekly Closing). SL below 6239 level. SL to be trailed accordingly
(2) if breakout candle is big, then wait for retest and then enter. Put SL little below that recent swing. This may give much better Reward to Risk Ratio.
(3) If price consolidates below this trendline by taking good support of 200EMA without making any new low.. then one can enter on high of green candle with increased volume and SL can be right below that consolidation zone.
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions
Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.
As can be seen, Price has been testing the resistance trendline multiple times.
But this time, after getting rejected from that resistance level , it took good support from 200EMA and appears to be consolidating
and again ready to test that resistance level .
Trade Strategy -
(1) Entry to be made on the high of breakout candle. (Traders can wait for weekly closing candle or may enter in 50% qty on daily closing basis and rest 50% on confirmation with Weekly Closing). SL below 6239 level. SL to be trailed accordingly
(2) if breakout candle is big, then wait for retest and then enter. Put SL little below that recent swing. This may give much better Reward to Risk Ratio.
(3) If price consolidates below this trendline by taking good support of 200EMA without making any new low.. then one can enter on high of green candle with increased volume and SL can be right below that consolidation zone.
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions
