Should I sell below this point?

Ameet148

Active Member
#1
Hi

The chart below is the intraday chart of MRF in CM with 1minute intervals, dated 12/07/2013 (friday).

Considering the CNX auto index's performance, and the side ways (correction) movement that the chart shows, what should I do on monday?Could the line that I have drawn be counted as the support?And if it opens below that price on monday should I short it?

Please share some views.

 

mastermind007

Well-Known Member
#2
Hi

The chart below is the intraday chart of MRF in CM with 1minute intervals, dated 12/07/2013 (friday).

Considering the CNX auto index's performance, and the side ways (correction) movement that the chart shows, what should I do on monday?Could the line that I have drawn be counted as the support?And if it opens below that price on monday should I short it?

Please share some views.

What else? ON EOD chart it seems to have recovered from the fall
 
#4
This is forming a trading range so when price comes there be ready for reversal, so if you find any setup buy there for top of the range as target
 

Ameet148

Active Member
#5
Current Price:12605.20 ,Pivot Point:12639.67 ,Support 1:12489.30 ,Support 2:12373.50 ,Support 3:12223.10 ,Resistance 1:12755.50 ,Resistance 2:12905.90 Resistance 3:13021.70

Will this work?
 

bunny

Well-Known Member
#6
In my opinion, you should base your positional or swing trades on intraday charts. But coming to your query, I will strongly advise you not to take any position, long or short in this scrip. It is going sideways at the moment. Wait for it to breakdown. That way, you will have a higher-probability, lower-risk trade. If you short it right now, there is a fair possibility that you will get stopped out!
 

Ameet148

Active Member
#7
In my opinion, you should base your positional or swing trades on intraday charts. But coming to your query, I will strongly advise you not to take any position, long or short in this scrip. It is going sideways at the moment. Wait for it to breakdown. That way, you will have a higher-probability, lower-risk trade. If you short it right now, there is a fair possibility that you will get stopped out!
Thanks you very much for the advice sir.Actually my target is very low and am looking for least volatile shares on the -ve side.Can you suggest me some good ones for tomorrow.
 

mastermind007

Well-Known Member
#8

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