The stock has reached lower trend line and might take support and undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone and target is placed near upper trendline and swing high.
Note: Enter After Confirming Reversal. Entry Should Be Avoided On Breakdown.
The above analysis is done purely on basis of Price Action & Chart Patterns.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself.
Entry can be either above the high the reversal candle or on small pullbacks to the retest levels
Set-up fails below the low of Right...
Looking at the volumes and crossing resistance leevl --- we should be looking at higher levels.
Above 158+ we should see potential upside move for short period of time
Add to watch list - trade carefully.
Its definitely a good company. Ofcourse we cant expect to generate profits during covid situations. But it has so many franchises and can grow like mcdowells. For swing high and low its not that risky, but for long holding it needs some analysis.