The stock is trading inside a broad bear channel and as of now, we could spot a descending triangle pattern formation inside it. Today it faced a good resistance from the downward sloping channel line. Will short this once it rises towards the 575 zone for a target of 530. SL can be placed at 585. If it gaps down or opens below 560, then will take short position based on further price action.
Once it breaksdown from the pattern, then we can trail the SL for a target of 500.
For study purpose
Thanks
Once it breaksdown from the pattern, then we can trail the SL for a target of 500.
For study purpose
Thanks
Trade active:
Entered @ 559
Trade closed manually:
Made a low of 554 and pulled back aggressively. Hence scratched it at cost. Will enter once again if it touches the given levels of 575.
Trade closed: target reached:
All targets done @ 500, although i didnt have any position to take the profits.