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IBULHSGFIN setting up for a long.

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There are some observations that can be made on the chart of IBULHSGFIN. The stock had made a run from the low of 19.04.21 and made a peak of 313.70 on 16.06.21. Since then it has pulled back to the 20 EMA, consolidated and is trying to continue its upward move. Price is above both the major averages i.e. the 50 and the 200 EMA.
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It also seems that on the 30 minute chart, the downtrend is halted and is reversing. The formation looks quite similar to an inverse head and shoulder pattern that is breaking to the upside with good volume.
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The price has also corrected very close to the 38% Fibonacci level on the daily which is around the 253 area. So that can also be kept under consideration.
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Keeping all the above things in mind a long can be initiated at the following levels. Only initiate the trade if price stays above the "LONG ABOVE" level for 15 minutes.

LONG ABOVE: 285
STOP LOSS : 272
TARGET 1: 298
TARGET 2: 311

Trade your plan and follow risk management.
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交易开始

Target 1 was almost done on 26.07.21, the high made was 297.80, target was at 298.

交易结束：到达止损

Stop loss reached at 272 on 28.07.21. Setup still valid as of now, will look for re entry.