The price has been observed to move within a parallel channel, with recent closings nearing the lower trend line of this channel around 35.06. Notably, this level coincides with a test of the 50-day Simple Moving Average (SMA). Based on this analysis, a potential pullback is anticipated from this region.
Consideration may be given to establishing long positions around the 35 mark, accompanied by a stop loss set at 32.50. The primary target for this trade is set at 40.
Consideration may be given to establishing long positions around the 35 mark, accompanied by a stop loss set at 32.50. The primary target for this trade is set at 40.
Trade closed: target reached
Trade active
*TOMCL* has given a good trade in past days. Now again its testing its parallel channel, trading around 35.50, attractive buying zone, as experience before, pull back towards 40 in anticipated.Note
Second time target achieved, can use trailing stop, if it breaks and sustain above 41.50 then it can reach to upper parallel channel around 44-45
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.