PFC - HnS neckline broken - SHORT

PFC has major support at 380.It had bounced back from this level in past. However, this time it didnot show any resistance and broke 380 level with ease. Even bounce back is not expected. It might go deep down. The price at lower level may hit 280 level in next 2-3 months. Stop Loss for this trade shall be at 390 level.
https://in.tradingview.com/chart/qBr7JgI9/?symbol=pfc

Kommentera:

If there is any pullback, it will be good time to enter provided it remains below 385. Our SL shall still be 390. First target would be 310 level and second target could be 270-280.

Never trade without SL. No matter how appealing the idea is, SL is must. Whenever a trade idea fails, reverse move could also be strong. Be cautious and do not stick to idea. Be flexible to change sides if required. OR exit the trade completely.