Trend on Higher Timeframe (Weekly chart) - Green / Uptrend
Trend on Current Timeframe ( Daily chart ) - Green / Uptrend
It is common for shorter duration multiple moving averages to compress and expand repeatedly during an Uptrend. The compression of such shorter duration multiple moving averages can be used to identify a pullback.
The blue cloud in the chart is a combination of shorter duration moving averages. The dots at the bottom of the chart identifies such compression.
Swing traders can enter at around Rs.4482. Long term traders can use this pullback and continue the trade since the trend is strongly upwards.
The stock has taken support at 50EMA. That can be used as Stop Loss i.e. at Rs. 4310
Trend on Current Timeframe ( Daily chart ) - Green / Uptrend
It is common for shorter duration multiple moving averages to compress and expand repeatedly during an Uptrend. The compression of such shorter duration multiple moving averages can be used to identify a pullback.
The blue cloud in the chart is a combination of shorter duration moving averages. The dots at the bottom of the chart identifies such compression.
Swing traders can enter at around Rs.4482. Long term traders can use this pullback and continue the trade since the trend is strongly upwards.
The stock has taken support at 50EMA. That can be used as Stop Loss i.e. at Rs. 4310
Pro-Setups is meant for Swing and Positional Trading. It is a combination of scripts on TradingView, and a screener Dashboard on web. Whatever you scan on Dashboard, you can see the same on your charts.
For details, please visit www.pro-setups.com
For details, please visit www.pro-setups.com
A similar pullback trade opportunity & breakout happened today in Natco Pharma also today (NATCOPHARM)