Mother Candle (Daily Time Frame) has been broken down, 42540 is ultimate Stop Loss for bears. At present, there is a hanging in intraday, it is like expanded Flat Correction in the form of ABC, the high of Wave C (42503) may not cross
ZOMATO (Stock Analysis)
Current Market Price (CMP): ₹234
Target: ₹206
Stop Loss: ₹240
Risk-to-Reward Ratio: 1:4
Setup (Daily Time Frame): Fake breakout
Disclaimer: This is purely a study and should not be considered financial advice.
Zomato has given a Fake breakout Setup in its Weekly Time Frame, In Daily Setup it came at support - from this support it can bounce back at levels of 259-260(GAP) This Gap can work as resistance for this----I am planning to Short at these levels Which is Eventually Stop loss also
At this stage I am feeling ONGC has just made a Expanded flat on its daily time frame - Every bounce in Intraday is SHORT !!!!!!!!!!!!!!!!!!!!!!!!!!!
Beware of STOP LOSS
Alert: I follow stop loss on closing basis & my stop loss of 273-274 is on Daily Time Frame
In one hour time frame, NG is beautifully withing range of a parallel channel. If it is going to respect the lower support of channel then with a stop loss of Rs. 210 we can expect a rally upto Rs. 254/-
I also expecting its style of movement as depicted in Elliot wave drawing.
Please make sure to have a strict stop loss if you are going to trade it
