CEAT - Double Top? Good for long? Lets wait and watch

On daily chart its been observed that CEAT is making double bottom @ levels of 1100-1120.
There is possibility it would bounce back and touch trendline @ 1230.

Long can be initiated in range 1150-1175
TP: 1230
SL: 1110 on day closing basis.

*Charts are shared for learning purpose*

İşlem aktif

İşlem aktif:

Todays high made @ 1213.

İşlem aktif

İşlem aktif:

Todays high made @ 1228

İşlem kapandı: hedefe ulaştı:

Target met on 11 Jan 2017. Gain 70 points.

Yorum:

Down Trendline shows its resistance at 1230 again. Its down by 20 points. Though we have closed this trade at long side with 70 points profit, keep observing CEAT how it react.

Yorum:

After touching the trendline resistance @ 1230, it again came back. Good to see.