Take a bet here because the stock offers a setup with multiple confluences.
Last time, i took the trade, SL was hit. Let's see how it goes now.
Trade Setup:
Weekly:
1. there is a divergence in RSI on weekly (blue color), a powerful sign.
2. Support zone around 600 INR levels (black line), which coincides with 0.618 Fibonacci levels.
3. long term trend line (red colour) since 2004, can act as strong support as well.
Entry = CMP ie; 617 INR
SL = low of support levels ie; 565 INR
Target = 770 INR
RR = 3.35
Last time, i took the trade, SL was hit. Let's see how it goes now.
Trade Setup:
Weekly:
1. there is a divergence in RSI on weekly (blue color), a powerful sign.
2. Support zone around 600 INR levels (black line), which coincides with 0.618 Fibonacci levels.
3. long term trend line (red colour) since 2004, can act as strong support as well.
Entry = CMP ie; 617 INR
SL = low of support levels ie; 565 INR
Target = 770 INR
RR = 3.35
Trade closed: stop reached:
SL hit