Open-34687.70--High-34935.30--Low—345592.35--Close-34827 on 24.6.2021
Support:34658.70/34641/34535.26/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.
Resistance;34893.25/34930/34976/35380/35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.
(Bold and
underlined figures are most important)
It made higher bottom of 34574 on the line chart today, which is
a good sign but could not close above its recent top of 34871.30, however if it closes above it then it may move up
further, but it will show good strength for the continuation of the up move if
it moves above 35282 and sustain on
the closing basis. Similarly break below 34574
as of now on the closing basis can drag it down. It showed some firmness by
making higher bottom of 34574 but
that is not sufficient to carry on the up move forward because other technical
parameters are not supporting as it is still below some of its short term
moving averages and some important technical indicators are showing potential weakness and most importantly
it has broken its short term rising trend line decisively, which is a very bad
sign and all these thing pointing that it could move down sharply in coming
days if it does not give a sharp up move in a short period of time.
It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move will definitely continue with in between relief rallies. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. But looking at last few days’ price movements chances of moving above 36248 and sustain looks extremely slim at this point of time. However going up to 36248 level from here it will face critical resistance at 34894---34930---35070---35176---35472---35527---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 34641.20---34558---34535.26(this figure can change)—34410---33908.95---33625 & 33273. It is already into very short term corrective mode, sustained break below 34535.26 will push it into deep short term corrective mode, sustained break below 33908.95 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. Moving down the other critical support points will be at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The long term outlook is positive as of now but short term bias still looks extremely weak at this point of time.
It is
important to mention here that technically this on-going uptrend is showing
enough strength and looking good for the continuation of the up move but this
up rally is not in sync with the fundamentals and you are well aware that it is
the fundamentals which eventually hold the Priceline. Therefore this on-going
up rally may deceive you at any point of time, so be alert and careful in long
trade henceforth.
In view of the above observation, it is into
very short corrective mode; therefore it is suggested to avoid long trade in
general till clarity on correction completion emerges. However aggressive
traders can try long trade if it moves above 34940 and maintain for some
time or can buy on decline at appropriate points or near 34574 but not below it. Please note that long trade below 34574 could be a highly risky trade
because if it moves and sustain below it for a longer time during the day then
it could move down sharply. Since it has not crossed its critical resistance
range as mentioned above and into corrective mode and other technical
indicators are also weak, therefore short trade should be tried after the reasonable rise
or can be tried on the price breakdown for taking advantage of the corrective
move.
NOTE: - If it opens up with huge gap up then wait for
it to settle down before initiating long position, but short trade can be
attempted on huge gap up if it is near the selling point and vice versa .
Since, it is showing volatility so any type of trade should be squared off
during the day, if you don’t have reasonable profit margin in the trade. Day
squaring off is strongly suggested in any case.
TRADING STRATEGY (Suggested)
1. Buy on decline at appropriate point or near 34574 but not
below it with a stop loss of 34470. It is for the aggressive traders and could
be a highly risky trade.
Or
Buy if it moves above 34940 and maintain for some time with a
stop loss of 34790. It is for the aggressive traders and could be a highly
risky trade.
2. Sell on the rise near or
within the range of 35200---35300 with a stop loss of 35400. It could be a highly
risky trade but worth trying for intraday gain.
Or
Sell if it moves below 34574
and maintain for some time with a stop loss of 34640. It could be a risky trade
but worth trying.
Or
Sell near if it does not
move above 34938 in first one and half hour of trade with a stop loss of 35080.
It could be a highly risky trade but worth trying.
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.
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.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
