Sun TV has formed a double bar reversal pattern on Tuesday & Wednesday, a confirmation of reversal in trend came from a outside bar formation on Thursday+Friday.
One can go Long for a Target of 850/860. Keep a stop at 802.
Although the ADX is showing a non-trending phase, the stock is well known for its volatility which can move the ADX needle very quickly if the trade works in our favor.
Since we are only looking at 2 bar reversal patterns traders should know that these moves may sometimes be short lived; so take profits when they are on table.
One can go Long for a Target of 850/860. Keep a stop at 802.
Although the ADX is showing a non-trending phase, the stock is well known for its volatility which can move the ADX needle very quickly if the trade works in our favor.
Since we are only looking at 2 bar reversal patterns traders should know that these moves may sometimes be short lived; so take profits when they are on table.