Here’s a beautiful price action analysis story. The scrip in consideration is Bhartiartl. Below is the 5-minute chart of the same. Checking the previous day session, we find that from 10:00 A.M. price kept inching lower and close just above a support zone near 755 marked by the horizontal box.
Today, price opened in green. But the open candle has large up wick which indicates weak bulls. Interestingly, the open candle is hung down from a previous day minor resistance. Following candle too had an up wick. 200-MA was near the vicinity of 775 support/supply zone. As expected, price got attracted to 755 levels.
After some time, price gave a pullback entry near 755 zone. Please observe RSI taking support near the floor of bullish region. It was a beautiful opportunity with favorable Risk-Rewards ratio. I took the trade and closed prematurely. In its ascent later price retraced back to opening levels and cleanly kissed current day pivot ‘p’.