Max Financial Services Limited

Momentum trade in Max Financial

73
The stock flashed in the top gainer's scanners showing good momentum. The first entry was on the break of R3 pivot with SL tad below R3 line. Second entry could have been on the BO of the first 15 min candle above the R3 or a minor pullback you see here on lower TF - 1 minuter chart.
Exit in the 40s as the trend starts weakening with RSI in the extremely overbought zone showing clear divergence in lower TF charts. A countertrend trade - short can be taken towards the completion of Doji pattern, as looking at the PA it was likely a momentum move and chart structure was not convincing for the rally to sustain.

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