The stock has formed Inverse Head & Shoulder Pattern but its neckline is steep up sloping so seems little tricky to trade it. I would buy it at current level by providing a SL of recent low and look for a target of Median Line touch as Pitchfork seems to be OK. RSI is also above 50 confirming the decision. Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
@praveen2789, It is OK SL being the part of the game. Trade was based upon inverse H&S pattern and accordingly SL. however it still looks ok from PF setup. Let's see how it develops in coming days.
RSI looks good at ard 52 but good point to enter will be when the stock crosses 200 EMA i.e. close above 1237..........Would appreciate ur inputs as well
praveen.bhatiya
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@dishant1804, If you enter a buy at higher price sometimes it is good to confirm the strength but you have to take more risk as SL and compromise with the profit. So it is always trade off and entry depends upon individually. Had it been a normal Head & Shoulder with down sloping trend line it would be easier to trade on breakout or on retest. I hope it helps. Wishing you a nice profit on your entry level.
praveen2789
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1250-1270 looks achievable in 2-3 trading sessions.
praveen.bhatiya
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@praveen2789, Thanks! i am looking for higher level around 1345-1360 let's see what market wants to do.