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Trade for 12 January 2024

Short Trade: Amcor plc (AMCR)– 9.84

Top Stocks Bearish

Trade Details:

Resisting the upper supply levels. It seems to be in bearish mode and fall sharply from current levels.
Trading in a range and it will come back to its last support levels.
Consistent trading in a rectangular zone, it may fall after making wick at upper levels as a trap for sellers.
If your Risk appetite allows you then you can increase your SL to 10 and hold for bigger targets with trailing stoploss.
RSI is trading at the overbought zone and it will reverse towards lower levels.
Risk Reward 1:3+

Trade, SL, and Target –

Entry = 9.83

Stop Loss = 9.91

Target = 9.56

Please note: If it opens gap up and start moving up then ignore this trade and wait for confirmation for selling.

Stock is trading at the strong support of the lower trendline, it will bounce very quickly.
As soon as it crosses its EMA then you can trail your stoploss at your entry price.
You can hold this trade for the bigger target after it closes in our favor or above 58.
RSI is trading flat near 34 and it will move towards higher levels.
Trail your stop loss to the entry price after getting a 1:1 risk reward.
Risk Reward = 1:3

Entry = 170.65

Stop Loss = 170.65

Target = 174.50

Please note: Enter only after a breakout confirmation otherwise this may again slide down.

Price is taking support at last resistance levels and it will bounce again towards higher levels.
If the market sentiment will be positive then we can hold this trade for the next week.
There is also a support at the current levels so price may bounce again to the higher levels.
For confirm entry into this trade you can enter only above its EMA levels.
RSI is trading flat in the oversold zone around 30-40 levels and there is high chances of up move.
Strictly follow the SL & Target and trail your stop loss around cost after getting a 1:1 risk-reward.
Risk Reward = 1:4

Entry = 67.13

Stop Loss = 66.65

Target = 69

Please note: It will bounce again and if the market sentiment is negative then you can ignore this trade for today.

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