Hp Breakout and Retest Play
Updated
Hi mates, Here i am sharing an idea after many days and hope you all are fine and doing well in Trading so let's start quickly as you can see i brought a weekly chart of Hp with a view of breakout retest, So as we can see on provided chart that price gives a breakout of swing top horizontal resistance which is more then one year old resistance line and after resistance breakout price came down and tested it's resistance as support and giving a classic example of support and resistance where they both excahnges their roles and giving a confirmation too that happned breakout was genuine. So here my view is long in this and hoping that soon we can see recent made swing again after breakout in coming sessions marked as my target too on published chart. Hope you like my work and you will support my idea too, thanks for reading.
This idea is meant for educational purpose and please don't take it as a trading idea.
Best Regards- Amit
This idea is meant for educational purpose and please don't take it as a trading idea.
Best Regards- Amit
Note
Hi friends sharing daily chart now, as we can see price currently going in wanted long direction and today reached 35.99 from 34.57 which is a good 4% gain so far and showing bullish momentum too, filled one gap area too after publish this idea I tried to mark that gap area in this update. Marked an immediate resistance too from where price can take resistance if break then soon we can see the marked target in idea. Now from here i assume that marked gap area will act as support zone if price will take mentioned resistance and will come down. Thanks for reading and supporting my idea mates.
Note
Hello mates, So as today price made high of 36.17 from 34.57 and gaining good for me and moving towards target gradually but today it failed to break marked an immidiate resistance which i posted in update above and exactly getting rejection from there so by this we can learn that on strong resistances we must be cautious, but now from here after watching the positive price action as it exactly bounced too from support which mentioned in update above too and it seems that soon it will break that resistance and will reach to marked target in coming sessions. Thanks for reading and supporting idea friends.
Note
Trailing stop loss update- Hello mates so far price continously moving in wanted long direction for me and today reached to 36.86 from more then 6 percent and completed more then half of marked target so here i am taking half gains from my overall trade position and for remaining position i will move stop loss to my cost price of this trade.
One important thing i want to share that today price crossing immiediate resistance if close above then soon we can see marked target in coming trading sessions.
Trade closed: target reached
Target Update- In yesterday session price reached 37.97 and completed the marked target one from 34.57 gained 9% so far by this trade position.
Weekly Chart-:
Daily Chart-:
Price got rejected exactly for target one resistance yesterday if break and close above we can see marked target two in coming sessions.
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.