Engineers India - Trendline broken! for NSE:ENGINERSIN by vanathi

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It has been observed in one hour chart price action has taken support at 145 and broken the downward trend line indicating bullish movement. Engineers India is buy above 150 with stoploss 149. Targets are 155 and 159.
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Trade active: @ 151.8 on 2/20/17

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Comments

GREAT..!!

right call.I am also tracking this scrip. EIL is looking very good on charts
Resistance @153 & 160 watch out for these levels to trade

avirrathi

@avirrathi, If it breaks the resistance at 160 I expect it to go higher. Thank you for sharing your view.

There will be consolidation in price due to huge spike , its good to enter after retracement near 151 and Immediate Target 154.00 , for Inter day Opportunity

shiv2798

@shiv2798, It will retrace, but I expect this script will achieve the targets I mentioned.

vanathi

@vanathi, Now you saw it , it did not make higher high, I think this time it will brake , and may reach up to 1st Target set or indicated by You

shiv2798

@shiv2798, You said because of RSI hidden bearish divergence?

vanathi

@vanathi, no absolutely not , I don't use any indicators I see through psychology of price action, always if 20/20 bullish candle form it indicate all are long and it's difficult to move price ahead , so there will be offloading of stock and price will retreat , then again it will move up

shiv2798

@shiv2798, Good logic, thank you :)