As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=108.3. But the short term forecast is range bound, so we expect to reach the following targets: TP3: S1=107.1. TP4: S2=106.8. Set the stoploss of these orders at breakout of R2=108.45.
Stop and reverse: If trend gets reversed, buy (stop) orders will be opened at breakout of R2=108.45. In this situation, there is an expectation to reach the target R3=109.15. Set the stoploss of reverse orders at breakout of R1=108.3.
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