M_M has been on down trend after making highs of 1000 in 2018. Stock has shown good strength in this rally from April 1st week.
It will turn bullish for longer term only if trades above 620 levels. Below that it can always continue its journey downwards.
For trading perspective, we can look to buy above 520 levels for 590-600 and s/l below 500. And if fails to sustain 500-520 area, we will look to sell below 500 for target of 410 and s/l above 520.
Currently market can go into consolidation before taking any direction. So risk management and capital conservation is the most important thing is such a volatile market.
When market moves too much, it looks like , money making opportunities everywhere but at the same time you can lose money and get stop hunted as well.
keep your s/l away from support /resistance zone. Decide the position size based or s/l not vice versa.
Risk Management is more important than technical analysis
It will turn bullish for longer term only if trades above 620 levels. Below that it can always continue its journey downwards.
For trading perspective, we can look to buy above 520 levels for 590-600 and s/l below 500. And if fails to sustain 500-520 area, we will look to sell below 500 for target of 410 and s/l above 520.
Currently market can go into consolidation before taking any direction. So risk management and capital conservation is the most important thing is such a volatile market.
When market moves too much, it looks like , money making opportunities everywhere but at the same time you can lose money and get stop hunted as well.
keep your s/l away from support /resistance zone. Decide the position size based or s/l not vice versa.
Risk Management is more important than technical analysis