Open-1333.90--High-1380--Low-1316.30—Close-1371.55
on 20-8-18.
MajorSupport:-1363(short breakout
point)/1300-1290/1255—1243/1192.
MajorResistance:-1380/1440(major-breakout-point)/1555/1589/1621/1675/1696.90/1717.65
(All time high).
It made bottom at
1051 on 22.6.2018 and thereafter moved up and the CMP is 1371.55, so it has
already appreciated by more than 30% from the bottom, however the technical
setup and structure is still looks good therefore further rise may be ahead.
It has give an upside breakout from its recent top of 1363
and if it hold s it on the closing basis for 2-3 days (it is likely to hold)
then the upside target could be 1440—55 & 1555—60. Furthermore the major
breakout point is at 1440 and sustained break above this can take it up to
1680/1717.65/2050. Moving down it will have good support in the range of
1300-1290 and strong support in the range of 1255—43. The short, medium and
long term moving average placement are also good, therefore looking at the
overall technical setup long trade can be tried either above 1363 or on decline
at the suggested support range but not below 1243 with a stop loss of below
1220. Please note that sustained break below 1243 may drag it down to 1190
& 1082 levels.
Remark:
- The trend is up, therefore long trade is suggested but with care &
caution because it has already run up by 30% from its bottom of 1051, so it may
move sideways here for few days before resuming the up move again. The overall
technical outlook for short & medium term looks bullish.
Disclaimer:-The view expressed here are solely of the author and he is
not at all responsible in any way for the outcome of the trade you enter based
on the above view.
Note: Price stated here
is of spot market.
Kindly note that make
your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit
and avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.