Tata Steel Intraday Short (Perfect Confluence)

Writing it in live markets.
Weekly at resistance. Red small candles, clear rejections and a bearish hidden RSI divergence gives me a clear weak bias in the weekly.

Daily forms a Double Top pattern along with a weak Trendline break. Need a break below the support (Orange line) for swing short.

In 75 min. price can be seen breaking below the support (Green Line) clearly and there is a pullback to reject it which is a perfect long wick candle in the making.

In 15min also, a perfect red rejection of the support can be spotted (arrow).

For entry, I used the 5 min TF and waited for a break of Trendline to enter short by confirming that the pullback was over.

Trade chiuso: stop raggiunto:

Failure

Commento:

Price broke out. Will look for a swing trade now!