This is in continuation of our HBL wave count/idea shared earlier.
HBL is most probably in wave C or X which will take price down towards 127-122 range area,
prices are currently at a resistance level which has acted as a strong support previously therefore we are confident that it should hold and keep prices from climbing up.
We will short sell HBL once price break below 146.80 level and will target 133-130 range and further down 124-122 range, however prices might reach 160 before starting its decline. Alternately if prices break above 163 then this trade setup will get invalidated.
Although the risk/reward ratio is not that impressive but looking at the overall stock market momentum and geopolitical unrest, we have a little more confidence in this trade.
Trade setup:
Entry price: 146.80
Stop loss: 163
Targets:
T1: 133-130
T2: 124-122
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
HBL is most probably in wave C or X which will take price down towards 127-122 range area,
prices are currently at a resistance level which has acted as a strong support previously therefore we are confident that it should hold and keep prices from climbing up.
We will short sell HBL once price break below 146.80 level and will target 133-130 range and further down 124-122 range, however prices might reach 160 before starting its decline. Alternately if prices break above 163 then this trade setup will get invalidated.
Although the risk/reward ratio is not that impressive but looking at the overall stock market momentum and geopolitical unrest, we have a little more confidence in this trade.
Trade setup:
Entry price: 146.80
Stop loss: 163
Targets:
T1: 133-130
T2: 124-122
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
Trade active
Shor sell trade has been activated in HBL-MAY futuresStop loss: 163 (based upon regular market)
Targets: (based upon regular market)
T1: 133-130
T2: 124-122
Trade closed: target reached
Posting this with a delay, we have closed our positions at 130.Entry price: 146.80
Exit price: 130
Profit @ share: 16.80
Gross profit: 11.44%
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.