Many times Market does not provides good and ideal entry points. Hence needs PITS for your entries and exists (Profit taking point 1 (PT1 or PT2) or Stop loss points (SL)).
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...
Market bottomed out last time around 520 and this time around ~ 720. During the recent fall RSI bottomed out and this is the first swing high. Market tested 736 multiple times and moves higher. So took a small position at 790 with 736 as stop. Will average down the buy until 750 as market allows to reduce the risk.
Wockhardt has been testing the resistance of 650 and giving up. Thrice post the jump from 25-05-17 it has retraced from this level. 15-06-2017, 20-07-2017, 13-09-2017
Taking 565 as a safe target
On hourly chart, the price action breaks out from a consolidation that shall move prices to next resistance level of 865 levels.
Target 865
Stoploss: 830
Wockpharma seems to have broken out of it's channel to the downside. Hence a move towards the LTL is possible.
IF there is an upmove (and a reversal) from the channel LTL (as shown by the arrows) then it'd be a great short. In general, up moves could be shorting opportunities.
An up move and a closing inside the channel could be a spoiler for this setup.
![WOCKPHARMA: [Intraday] WockPharma Bounce Trade](https://s3.tradingview.com/o/OdPTW2BC_mid.png "[Intraday] WockPharma Bounce Trade")
