One Swing trading Equity Option -WIPRO WIPRO Sell below 579
SL 616 on weekly closing basis
Target:- 554, 527, 450
So, we have to initiate a bull put spread -
April Expiry
580 Put buy along with 550 Put sell
If 550 is not achieved in the April expiry then one can again take this trade for next month's expiry provided the trade should be in profit.
(For example:-u can initiate 560 Put buy along with 530 put sell if Wipro would trade at 560.
u can initiate 540 Put buy along with 510 put sell if Wipro would trade at 540.)
Disclaimer: -Views are for ‘’EDUCATIONAL PURPOSE ONLY’’
Trade at your own risk.
Directionalanalysis
Detailed DXY directional analysis Presented is a DXY directional analysis based off the one hr chart.
Currently we are seeing support in our pivot zone (90.50) with continuous pivot retests.
Our current increase in momentum was sparked by a MACD/SIGNAL cross and slanting up through the 0 line. Our RSI is settling into the overbought zone and will trend between top indicator resistance and closet support for long term continuation. We can sentiment buyer control from this play out to retest pivot zones to the top.
I detailed a potential direction play out based on DXY trading pattern. Generally we see 20-30 pips momentum followed by a retest of around 10 pips before continuing trend.
Please comment with thoughts and ideas. Thank you.