POV : VRAJ : VRAJ IRON AND STEEL LTDPOV : VRAJ : VRAJ IRON AND STEEL LTD
Chart Analysis:
The price level of **240** is acting as a critical **support and resistance** zone, as evident from past behavior.
Similarly, in the 209–212 zone, every time the price reaches this area, it sees buying interest, establishing this level as a strong support.
Last month, the price took support at the lower levels and formed a Higher Low (HL) pattern. However, it failed to sustain above the 240 level on two attempts, showing resistance at this level.
Going forward, a bullish formation was observed, breaking out with a small gap. However, after retesting the support zone, the price attempted to cross the gap again yesterday but failed to close above it.
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? What to do
Reversal Trade Play:
- Consider entry above 225 with a stop loss below 209 closing Basis
- Set an initial target of 240, and for further targets, re-evaluate only if the price sustains above 240 on a closing basis.
👎 What NOT to do:
- Do not hold positions if the price falls below 209 under any circumstances.
- Do not enter a trade unless the price crosses 225.
- If the price closes below the previous day’s close on the trading day, exit the trade immediately.
For educational purposes only. This is not financial advice. Please consult a professional before making financial decisions.
#Disclaimer
#NiVYAMi
