Stock moving in rising wedge.
Recently touched the upper trend line third time.
Candles also showing exhaustion at resistance. check image below.
Check the candles after the recent quarter results were announced, Big high volume green bar. It is followed by big red bars with volumes.
Check number of red bars is more than green bars.
Red candles are of bigger size with volumes.
Combing all observations 3rd touch, Exhaustion, Big red candles. we can conclude that there is clear profit booking.
Even Moving averages are stretched.
In such cases upside is capped and short trades give better RR Ratio.
Breakout trades fail in such cases.
This does not imply downside will just like March 2020.
Plant of Action
One can short with SL at 725
For targets of 635-640 immediate.
And further downside till 550-565 can be expected. ( Purple zone )
Recently touched the upper trend line third time.
Candles also showing exhaustion at resistance. check image below.
Check the candles after the recent quarter results were announced, Big high volume green bar. It is followed by big red bars with volumes.
Check number of red bars is more than green bars.
Red candles are of bigger size with volumes.
Combing all observations 3rd touch, Exhaustion, Big red candles. we can conclude that there is clear profit booking.
Even Moving averages are stretched.
In such cases upside is capped and short trades give better RR Ratio.
Breakout trades fail in such cases.
This does not imply downside will just like March 2020.
Plant of Action
One can short with SL at 725
For targets of 635-640 immediate.
And further downside till 550-565 can be expected. ( Purple zone )
Đóng lệnh: dừng lỗ
This went horribly wrong.Still 8% loss only 🙏🏾
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Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.