How to trade Cairn for week starting 06/06/2016

Bullish Possibility: 

Not much update in Cairn as the trade is yet to trigger. 

Cairn Daily Chart

Last week in Deb Trades we discussed that,

As can be seen from the above chart that all 5 bearish waves looks like completed in Cairn and this stock is going to start a new bullish cycle now. Though I expect wave 1 of this bullish cycle already done at 158.4 and we are now in the wave 2 correction and almost about to break the down trendline. Hence it is a sure buy above 150. As can be seen from the above chart first target is the Fibonacci 38.6% i.e 213, 2nd target Fibonacci 50% i.e 246 and 3rd target is Fibonacci 61.8% i.e 279.

Bearish Possibility: 

Same as last week,

Bearish below 150 hence if you enter a long at 150 manage the trade with Rs 1.5 filter i.e short below 150-1.5=148.5 and go long above 150.Bearish 1st target 133.7 and 2nd target 113.45 and 3rd target is 106.5

Summary: 

1) Cairn is bullish above 150 aggressive traders can enter there and manage the trade with Rs 1.5 filter.  

Final Words: 

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Trade safe and keep checking this space for any further updates on developing resistances in between. Also check out our other publications on Nifty, Bank-nifty and other stock specific at the left hand column.