One friend asked me to give my take on this... I said 640 / 720 mein nahi liya, ab 52 week high par lene ka mann ho raha hai...
Anyways, thats the retail investor mentality. I am seeing based on charts till saturday. It is seen that the stock continues its upside for 5-7 days and then takes a U-turn.
So the weeklyy charts look promising to me. All technical parameters except one indicates the stock to be in overbought zone. As U know I never go by the 'HERD Mentality', I would always look at that indicator for signs of booking my short-term gains. NOW, the question You may ask is, if weekly charts look good, then Y shud i look into booking profits.
The answer is simple, if I feel that on daily charts the run-up seems to be in alarming zone, then I should be cautious and go by the principle of no Greed. Rather, in this situation, booking half of the profits is a prudent way of trading, so u dont miss on the further rally.
Resis 906 / 924 / 934 / 965
Supp 895 / 867
Anyways, thats the retail investor mentality. I am seeing based on charts till saturday. It is seen that the stock continues its upside for 5-7 days and then takes a U-turn.
So the weeklyy charts look promising to me. All technical parameters except one indicates the stock to be in overbought zone. As U know I never go by the 'HERD Mentality', I would always look at that indicator for signs of booking my short-term gains. NOW, the question You may ask is, if weekly charts look good, then Y shud i look into booking profits.
The answer is simple, if I feel that on daily charts the run-up seems to be in alarming zone, then I should be cautious and go by the principle of no Greed. Rather, in this situation, booking half of the profits is a prudent way of trading, so u dont miss on the further rally.
Resis 906 / 924 / 934 / 965
Supp 895 / 867
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