indiamarketoutlook
Long

Amara Raja Batteries view

NSE:AMARAJABAT   AMARA RAJA BATTERI
Amara Raja Batteries
Last closing Price 690.55

Observations

- In downtrend since May 2017

- RSI in Oversold region

- Channel support around 674

- Inverted umbrella (also known as gravestone doji ) observed in prevailing down trend with high volumes

____________________________________________


Risk to reward ratio looks good to go long with

Target around 760 &

Stop loss of 674


Take care & safe trading...!!!


Regards

Indiamarketoutlook

You need to join 3 Bottoms or Tops to draw the trend line. Which isn’t the case here! Please correct the chart, it’s not trend line support.
Reply
@RJBalaZ, Dear sir,


- The trend is down since May 2017 & joining 3 tops has been adhered to...

- We never said that stock is near trend support... rather it is near channel support which is derived by drawing a parallel line to the trend from 1st important reversal point...

- and the target we are looking at is trend line resistance level

- hope we are able to answer your query


Regards & best wishes

Indiamarketoutlook

Reply
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