Name of the stock: Indus Towers Ltd.
|Date of entry||Average entry price||Final target aimed||Exit price||Return||Trading days|
|24.04.2023||137.75||240 – 260||151.15||9.73%||9|
Reason for entering into this trade
- 1o-year-old resistance level formed at 137.75.
- This level was tested 3 times earlier and the price got reversed at this level 3 times earlier.
- Again on 24.04.23 price tested this level and I made a long call at this level.
The logic behind the final target
- Refer weekly chart. You can find the descending triangle with a resistance line. This is a 6-year-old resistance level being tested 2 times. I expect a major resistance at this level again and hence considered the resistance line as the major target with a price range of 240 to 260.
Reason for exit
- When the price moved 15% from the entry price and reached 158, I made a trailing stop loss of 5% down from the 158 level and I marked 10% above the entering price, which is around 152, and marked it as the trailing stop loss.
- After going 15% up from the entering price, the price moved down and hit my trailing stop loss.