Chemplast Sanmar Ltd. Trend Analysis
High probability trade setup.
A potential reverse head & shoulder pattern is forming.
As per price action, expecting a higher low after the higher high formed @ 685 level.
Better to accumulate around 530 levels as it is in confluence with the following:
i) Key support level
ii) Retest of descending channel
iii) At golden FIB level.
iv) Bottom of the pitchfork.
Short term swing target @ 785 (48% ROI with 6.37 R:R)
Medium term positional target @ 1060 (100% ROI with 13.25 R:R)
Keep stop loss @ 490
Do your own due diligence before taking any action.
Peace!!
A potential reverse head & shoulder pattern is forming.
As per price action, expecting a higher low after the higher high formed @ 685 level.
Better to accumulate around 530 levels as it is in confluence with the following:
i) Key support level
ii) Retest of descending channel
iii) At golden FIB level.
iv) Bottom of the pitchfork.
Short term swing target @ 785 (48% ROI with 6.37 R:R)
Medium term positional target @ 1060 (100% ROI with 13.25 R:R)
Keep stop loss @ 490
Do your own due diligence before taking any action.
Peace!!
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