Trade rationale

Other – Study mentioned in Notes Below

The attached chart below showing a decent horizontal triangle gormation and completion of its five waves within the triangle at higher time frame suggest a short term buy call with immediate stop loss at 550 level and target at 605 levels. RSI (14) at 38, ADX(14,14) at 17 and MACD(12,26,9) at -5 suggest a confirmation for the buy call at present levels.