Every indicator is showing a downward direction. It's time to exit from this stock. Price is struggling to cross the parallel zone. And the MACD is about to cross into -ve. RSI is downwards and for Stochastic RSI, the crossover is happening
let me know your thoughts in the comments section.
LAURUS lab weekly long 268 strict sL : 248
Pro:
1.Strong up trend
2.weekly demand coincind in daily
3.origin of weekly demand
risk:
dropping from top, so may go down drastically
LAURUSLAB has formed inverted pole and flag twice on hourly chart, in the first pole-flag, it has retraced 78% of fall quickly where as in second pole-flag it is retracing slowly. and it is forming lower highs and lower lows. moreover stock split is ex-date is on 29-Sept-2020. which increases liquidity. we can see a weakness in the coming sessions.
Basically expecting a breakout and a good rally upwards. Buy only above 1155
However, Nifty will be facing a strong resistance this week which is why there "may be" a pull back.
If Nifty retraces and begins a fresh correction then keep an approp stop loss based on your risk appetite.
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I believe in keeping the chart simple with minimal...
One can trade in this script with immediate target of 570 followed by 610 and higher before stock split, keep stop loss at 500. Good luck and have a great profitable day.
For long term investors keep it in your portfolio and hold for multi fold returns.
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