This is daily chart of SUNTV on NSE (INDIA) with CMP @ 607.55. It seems to be a good shorting opportunity in the scrip based on following observations:
1. It is downtrend which is obvious from the chart. Counter trendline has been drawn which acts as resistance marked by arrows.
2. It is also observed that price tests EMA50 on retracement and gets rejected to resume downtrend.
3. Price broke out on 5th Nov 2018 and then opening & closing appeared outside the triangle drawn on the chart.
4. Stochastic RSI indicates bearish view/bearish crossover.
In view of above, it could be a good short trade with stop @ 659 (above EMA20) with targets as 545/475 as shown on the chart.
Happy trading...
1. It is downtrend which is obvious from the chart. Counter trendline has been drawn which acts as resistance marked by arrows.
2. It is also observed that price tests EMA50 on retracement and gets rejected to resume downtrend.
3. Price broke out on 5th Nov 2018 and then opening & closing appeared outside the triangle drawn on the chart.
4. Stochastic RSI indicates bearish view/bearish crossover.
In view of above, it could be a good short trade with stop @ 659 (above EMA20) with targets as 545/475 as shown on the chart.
Happy trading...