IRCTC Analysis (Head and Shoulders)!
IRCTC
ANALYSIS! IRCTC Analysis on a daily Timeframe!
Descending Triangle Pattern Formation, Breakout and Retesting on a Weekly Timeframe!
Inverted Head and Shoulder Pattern Formation, Breakout and Retesting on a Daily Timeframe!
Bullish RSI Divergence in IRCTC!
Trend Reversal in IRCTC!
IRCTC has made Descending Triangle Pattern on weekly Timeframe, and it has given a breakout to its resistance trendline and retested its support level. If we reduce timeframe to Daily timeframe, then we can see the clear INVERTED HEAD AND SHOULDERS PATTERN at the bottom. We can see previous trend is Downtrend. If we combine RSI analysis with it, then we can see a Bullish RSI Divergence. After the bullish divergence the trend has been changed from Downtrend to an Uptrend. After that RSI and Price both are trending Upwards. This is a clear indication of the bullishness. I have extended neckline and support trendline both may act as a Support Trendlines.
Rest of all Analysis is on the chart itself and I have marked all the important levels with price do study thoroughly.
Thank You!
Important Note= Please have a look on my previous IRCTC Analysis which is based on Weekly Analysis.
Entry = Current levels are considered to be a good buy.
Stop Loss = Below 615.50
Targets = 1) 661.50 2) 66490 3) 711.55
Disclaimer = All my analysis is for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4) Don't trade with full capital
Comment:
Neckline breakout for the 2nd time!
Trade active:
Target 1 has been reached!
Comment:
SL hit then Target 🎯 Reached!
Avinash K.
Will Check.