Hello guys!
Infratel seems to be forming an ascending triangle, and holding the strong trend line.
Price has been rejected at support 4 times as indicated with arrows in the chart.
It is now closing in on the top resistance, if broken / flipped will aim for new all time highs.
MACD and Stoch RSI support the bias.
this pattern most of the time works for me. it doesn't mean this will also work for you. so before making any trade, wait for your setup, that works best for you.
NSE:INFRATEL
Infratel showing no demand for higher prices on 2H chart and rejecting from higher levels.
Its also tested 21MA and shown good rejection from there too. And now trading well below it.
I will be looking for short this below 203 2H candle closing basis with SL of 218.
This view is for short term (2-3 days) swing trade and intraday.
Instrument: INFRATEL
Time frame: 3 hours
indicators:
Stochastics: bearish
PSAR: bearish
My analysis:
CMP: 152.75
Expecting INFRATEL to gap down / sink to 145 - 143.70 on Monday.
Once it starts retracing back upwards would like to buy above 143.70 to 145 keeping the SL below the low of the day for target 153.75
RISK DISCLOSURE:
Technical analysis of FOREX...
