DLF - Failed break out of a rising channelDLF broke out of the rising channel on the 4th attempt today. But ended up giving up the gains with the profit booking in the broader market. Closing below yesterdays close of 191 at 184. Tomorrow if opens below todays low can be a good short option upto 166 with trailing stop loss.
The issue with rising channels is the entry at higher levels. Ideally break out happens at much higher levels when the stock has already moved up quiet a bit and then by the time the confirmation happens a trade can be initiated the risk reward gets misbalanced.
I had bought DLF around 180 and exited at 200 when it failed to sustain at higher levels. Will prefer other real estate companies on reversals and would avoid DLF in general now.
