SCIIt has made a breakout in higher time frame suggesting further continuation of uptrend. Could be accumulated between 115-130 for upside levels of 175/200/250. View would negate below 105
SCI trade ideas
Service Corporation International Announces First Quarter 2021 FSCI: Service Corporation International
2021-05-03 16:00:00
Service Corporation International Announces First Quarter 2021 Financial Results And Increases 2021 Guidance
SCI Weekly - Re-test after beautiful breakout - Swing TradeThe above analysis is done purely based on price action and chart patterns.
The analysis is done on Weekly TF hence it can take couple of days to couple of weeks/months to reach the target.
Logic as well as the trade setup (Entry, SL and Target) is shown in image itself.
The above analysis is purely for educational purpose. Traders must do their own study before entering into any trade. Traders must trade as per their own risk taking capacity and money management.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
BUY SCI (shipping corporation of india) IN WEEKLYwww.tradingview.com
BUY SCI (shipping corporation of india)
PRICE : 93 TO 98
STOP LOSE : 82.3
TARGET : 107, 114, 123
SCI - Daily Elliot Wave AnalysisSCI - Daily
Elliot Wave Analysis
Wave : = 31.45 - 64.75
= 33.3
= 64.75 - 50.05
= 50.05 - 104.30
= (33.3 * 1.618) + 50.05 = 104.3
Wave 4 Possibility = 91.4 **
Wave 5 Possibility = 100 - 104 lvls **
(**) refer notes
Elliot Wave Analysis Notes (**)
There is a likely possibility of wave 5 truncating (Wave 3 = Wave 5) as wave 3 was severe in momentum .
Likely wave 4 is to retrace back to 91.4 for a target of 100 - 104 lvls
Possible Long Opportunity for SCIFollowing is just my thought process. This is in no ways a recommendation. I just want to share and learn!
Kindly Trade at your own risk
Following Reasons for bullish view
1.) Price taking support at Weekly Trendline
2.) Price taking support at weekly HORIZONTAL support zones (Support zone can be found on zooming out the chart to Feb & Nov 16 time frame)
3.) Reducing Bearish momentum noticed by reducing range of the RED candles eventually ending in a long legged doji, possibly indicating exhaustion of sellers
Stop loss = 52.5
Target 1 = At-least 66
Would like to ride the trend by trailing stoploss
