Disclaimer: Set-up shown here is only for Educational purpose only; This is not a sell or buy recommendation. We are not responsible for any loss or gain; Consult your financial advisor before your execution of any recommended trade.
Set-up presented here is for observational purpose only and most of the set-up designed by WavoZen is based on passive analysis (PA)...
Long Term trend Changed to downtrend. Broke and retest the channel. Now at a price point which will act as a resistance from long term trendline, along with a medium term trendline. Expecting a breakdown of the support.
Current price action looks similar to what happened in February 2018. Price is at previous interim peak resistance, so chances are there for a correction. Short for an initial target of 1100 and second target of 1070, stop loss day's high.
Intraday view - Buy Balkrishna Industries if the high of the Doji is broken tomorrow market time keeping low of the Doji as a stop loss.
Positional view - Buy Balkrishna Industries at the end of the market (15:15 - 15:30) if you see it is ending as green that day. Green candle post doji gives confirmation.
Risk: Reward - 1: 2.5
TSL Levels are easily...
HT HB formation
Possible Higher Bottom as hammer is formed at 50% fib retracement. Wait till EOD
The short term EMA's tend to bunch and flare forming a new higher high
One can go long above high of hammer or wait for it to enter the daily demand zone.