it can work out. the issue is the wide range bar which is closed in the middle has too much selling and the price is getting rejected from there on this time frame. don't know what is your fast moving average but to me, it seems the price has to catch its 10 weekly SMA.
it results are good but prices are already stretched. today morning I again took the long. it showed excellent strength on BO but got faded during the day on high volume (strong selling) and took my sl. I work with tight SL(s). any close below 20 MA with high volume and stock may become very weak.
keeping the chart as to see how it will behave but any new long for me maybe after breaking off the 1465 level and retesting
it results are good but prices are already stretched. today morning I again took the long. it showed excellent strength on BO but got faded during the day on high volume (strong selling) and took my sl. I work with tight SL(s). any close below 20 MA with high volume and stock may become very weak.
keeping the chart as to see how it will behave but any new long for me maybe after breaking off the 1465 level and retesting