P_Saha

Cummins India - Keep on accumulating

NSE:CUMMINSIND   CUMMINS INDIA
Study - 7th July - Structure is very bullish ; Crossed 100 DEMA today in Daily TF; Ascending triangle breakout observed today with high vol. High probability to move higher in next few days. Closed above VWAP ; High deliverable qty today; OC is bullish ; PCR is bullish ;
*This chart is only for educational purpose.

Comments

Why is it falling?
Reply
P_Saha Vikaslohia
@Vikaslohia, Always remember that price moves between 2 magnets. Resistance and Support. If it cannot overcome the resistance it will come down to the next support where buyers are present. As it found more sellers near 436-440 range, the buyers couldn't overcome the selling pressure and hence it is coming down. It will come down till the price finds more buyers.
Market is like hill. In order for price to rise it needs energy that is buying pressure or momentum or order flows. If it doesn't get energy it will come down, halt gain energy and then will climb up again.
It has broken previous swing low so be careful.
Reply
P_Saha P_Saha
@P_Saha, One more point before taking any breakout trade wait for the next candle as confirmation. This will save you a lot from false breakout.
The next days candle was a bearish doji which indicated that there was no buying pressure at the top.
Reply
@P_Saha, Thankyou sir for detailed reply. I will keep in mind your points. I was only worried because Motilal Oswal gave advised it to sell for 330 levels. That's why I was confused as I think its very attractive to enter now.
Reply
P_Saha Vikaslohia
@Vikaslohia, Pls do not call me Sir :). I am just a student.
Today's candle signifies that selling has got absorbed, but you need confirmation. If the next candle is bullish and closes above the high of today's candle then enter the trade.
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