IRCTC - BULLISH & BEARISH BIAS
Updated
Symbol - IRCTC
CMP - 900
IRCTC is currently trading at an interesting zone. After a good rally in the last year, This stock is following a trendline resistance making lower - lows price action & showing no strength of price growth.
I am tracking this stock from quite some time. I will be interested in long positions on breakout of 940-950 resistance zone. I will be even more interested in shorting this stock if this stock breaks 850 on downside & sustain below it as it stock is making a Head & shoulders pattern in larger time frame.
Such patterns tends be more accurate on larger time frame & don't fail if gets activated. This pattern will get activated if price break neckline on the downside then I will be shorting futures for more downside targets.
What will happen? Only the time will tell. My job is to keep it on radar & enter in longs above 950 & enter in short below 850.
CMP - 900
IRCTC is currently trading at an interesting zone. After a good rally in the last year, This stock is following a trendline resistance making lower - lows price action & showing no strength of price growth.
I am tracking this stock from quite some time. I will be interested in long positions on breakout of 940-950 resistance zone. I will be even more interested in shorting this stock if this stock breaks 850 on downside & sustain below it as it stock is making a Head & shoulders pattern in larger time frame.
Such patterns tends be more accurate on larger time frame & don't fail if gets activated. This pattern will get activated if price break neckline on the downside then I will be shorting futures for more downside targets.
What will happen? Only the time will tell. My job is to keep it on radar & enter in longs above 950 & enter in short below 850.
Trade active
CMP 925
Still trading in no trading zone.
Note
CMP 872
Trading near important support & liquidity zone.
On my radar for a bearish trade if breakdown happens & it sustains below 870 - 850 area.
Trade active
CMP 890
Opened short position with 935 SL.
Trade active
CMP 855
Future short position 35 rupees in profit. Looking promising for further downside.
Holding with CTC SL now.
Trade active
CMP 815
75 rupees in profit. That's 65K profit per lot.
Holding short position.
Trade active
CMP 800
890 to 800
Future short position running 90 rupees in profit. Holding short position with trailing SL.
Trade active
CMP 820
It's moving as per expectation. Retested 850 - 855 breakdown area & saw strong rejection from that area. It's ready for further downside. I'm holding my short position.
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