gail has form a lower low lower high formation and if we join the trend line with high and low stock has taken support of the trend line and we can except stock to go till upper trend line and stop loss will be below the down trend line
, , GAIL
, , GAIL
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Hi Sir,
I have slightly different opinion. Could you please suggest whether my interpretation is correct or not.
The doji which appears after a down trend is well supported by a bullish candle with huge volume indicating the reversal trend. The area between low and close of the bullish candle also provides good demand zone based on previous price levels.
Hence, my interpretation is as follows:
Entry price – 441.20 (i.e. above the high of Doji)
Stop loss – 429.40 (0.2 paisa less than low of the recent bullish candle)
Target – 458 ( close price of the previous top)
Regards,
Manoj
It can but it will face resistance at the trend line if it cross trend line in upward then the target can be even more 460 and 480 as they is high open interest at this point