Short PEL (Piramal Enterprise)

2020年5月24日

• Historically important level, resistance-turned-support from 2015-16, of round number 1000 was broken in 2020 and is acting as resistance now.
  
• It has been tested a couple of times now in last few days but yet to get a decisive break on the upside.
  
• Looking to short it above 950 or as close to 1000 as possible. Stop above 1020 on closing basis.
  
• First target would be 800 with risk-reward ratio of more than 1:2
  
• On break of 800 would look for 600 as the next target which gives risk-reward ratio of 1:5
  
• If you want a safer and clearer entry then wait for the ascending triangle to break on the downside. Though, this would come with less lucrative risk-reward ratio.
  

2020年5月24日

註釋

In 2015-16, price took more than 10 months to give a clear break above 1000 mark.


Thinking on similar lines if in current situation price keeps testing 1000 level for 10 months before giving-up then it would be a good idea to sell Call options of strike above 1000 and cover it if our original stop is triggered.

2020年6月2日

交易結束：達到停損點

Since 1000 was such an important level and price has given a clear breakout from Triangle on the upside.. not only closing Short trade was a good idea but also looking for going Long on pullback near 1000.