PEL @ decisive level and high volatility next week PEL last friday closed at its support and formed a inside bar candle. Analysing carefully its formed Head & shoulder pattern, and respected the neckline which is also a strongest support to breach. Recent volume was higher than it's moving avg. volume
Positive points: LTP trading above 50MA, and previous close. Volume was higher than previous volume. Narrow CPR, fraction less than Vwap, asking price is higher.
Negative points: Trading at support, and technically week. RSI in oversold zone
Next Week Forecast:
It's Narrow CPR so the stock will become volatile once it's breach previous high/ low.
If world market is positive and price is taking support at 1804 level (for aggressive trader), then can buy above 15 min opening range high and trailing the profit, if price moving strongly with volume support above 1832 safe trader can enter with trailing SL and aggressive trader can add more lots.
If world market is negative and price is breaching support at 1804 level (for aggressive/ safe trader), then can sell below 15 min opening range high and trailing the profit, if price moving strongly with volume support below 1775 can add more lots for big moves.
Disclaimer:
THE RISK OF TRADING CAN BE SUBSTANTIAL AND EACH INVESTOR AND/OR TRADER MUST CONSIDER WHETHER THIS IS A SUITABLE INVESTMENT. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
IT SHOULD NOT BE ASSUMED THAT THE METHODS, TECHNIQUES, OR INDICATORS PRESENTED IN THESE VIEWS WILL BE PROFITABLE OR THAT THEY WILL NOT RESULT IN LOSSES. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. VIEW PRESENTED ON THESE SITES ARE FOR EDUCATIONAL PURPOSES ONLY. THESE SET-UPS ARE NOT SOLICITATIONS OF ANY ORDER TO BUY OR SELL. THE AUTHORS, THE PUBLISHER, AND ALL AFFILIATES ASSUME NO RESPONSIBILITY FOR YOUR TRADING RESULTS. THERE IS A HIGH DEGREE OF RISK IN TRADING.
