Trade setup:
Weekly: many confluences (1) Broke the long term trendline (red colour), did the retest, and the stock is bouncing back again with volumes. (2) took support at 50% fib levels on retracement. (3) took support on bottom trendline (pink colour). (4) change in structure from LL - LH to HH - HL.
Stock can make violent moves in few days.
Entry = CMP ie; 380 INR
Target = T1 (445 INR) and T2 (ATH ie; 567 INR)
Stop loss = 350 INR
Weekly: many confluences (1) Broke the long term trendline (red colour), did the retest, and the stock is bouncing back again with volumes. (2) took support at 50% fib levels on retracement. (3) took support on bottom trendline (pink colour). (4) change in structure from LL - LH to HH - HL.
Stock can make violent moves in few days.
Entry = CMP ie; 380 INR
Target = T1 (445 INR) and T2 (ATH ie; 567 INR)
Stop loss = 350 INR
Trade active:
for stop loss, consider 350 INR on weekly closing basis.
Trade closed: stop reached:
SL hit. Trade closed.