praveen.bhatiya

Broadening Bottom Reversal

Long
NSE:CANFINHOME   CANFIN HOMES
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6
The stock has formed Broadening Bottom Reversal pattern and today broke the intermediate term trend line thus confirming that downtrend in this stock is over, so one can consider going long/investing. I think low of the today's bar may protect so I would go long now or on dips providing the SL of 465 and expect the price in the range of 560.


Disclaimer : All stock recommendations and comments are my personnel view please take financial consultancy for trading decision.

Comments

Structure hasn't been broken yet (505.45) + RSI didn't come close to 30..before any reversal check for RSI oversold at 20. Try using 7 period RSI..it works like a charm. Cheers :)
Reply
@vj_04, Thanks for adding your valuable comments. I feel comfortable with standard RSI 14 period and its reading above 50 confirms the trend reversal mostly. However market is supreme let's see what it wants to do. I would experiment with RSI 7. Thanks a lot :)
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