Trade Setup:
Weekly: Making a round bottom. Crossed resistance of 560 INR with volumes. Trading above 50 EMA (sloping upwards) & 200 EMA
Daily: slope of 50 EMA and 200 EMA is upwards indicating momentum. Took support (long wick) on 50 EMA as well.
Entry = CMP ie; 613 INR
SL = below 560 INR. Consider 550 INR as SL (with buffer) on weekly closing basis
Target = 730 INR
RR = 1.8
Keep trailing your profits, and have patience in the stock.
Weekly: Making a round bottom. Crossed resistance of 560 INR with volumes. Trading above 50 EMA (sloping upwards) & 200 EMA
Daily: slope of 50 EMA and 200 EMA is upwards indicating momentum. Took support (long wick) on 50 EMA as well.
Entry = CMP ie; 613 INR
SL = below 560 INR. Consider 550 INR as SL (with buffer) on weekly closing basis
Target = 730 INR
RR = 1.8
Keep trailing your profits, and have patience in the stock.
Trade closed: target reached:
16Nov21: target reached, and trade closed. took bit of time, but a nice trade :)