Madrasfert has been attempting to breakout of a resistance zone around 51-52 levels. After multiple attempts and rejections, now one more attempt is being made, this time with good vol. & RSI showing strength above 60. To sustain the breakout, a strong base formation has also taken place, providing a good foundation. So, consider following points before initiating Long.
1. A horizontal resistance tested multiple times & rejected.
2. Now an attempt to break is being made with strength - as indicated by the RSI level crossing & sustaining above 60.
3. A solid base formation ensures breakout sustains above the resistance level.
4. Volumes support the current breakout attempt.
So, with these points in mind, a long can be initiated as follows
Entry above 53.
SL 49
Targets of 61.8 & 64.5
Disclaimer : Always trade according to your own risk appetite & analysis. And always enter your Sl first.
1. A horizontal resistance tested multiple times & rejected.
2. Now an attempt to break is being made with strength - as indicated by the RSI level crossing & sustaining above 60.
3. A solid base formation ensures breakout sustains above the resistance level.
4. Volumes support the current breakout attempt.
So, with these points in mind, a long can be initiated as follows
Entry above 53.
SL 49
Targets of 61.8 & 64.5
Disclaimer : Always trade according to your own risk appetite & analysis. And always enter your Sl first.
