Price action clearly depicts the strong bearish view for short term. Prior to the failed breakout price action was quite bullish but after the breakout failed the stock has continuously made LH & LL which is a classical bearish price action. RSI confirms the strength of bears and weakness of bulls. Once the RSI falls below 40, one can expect a sharp fall with momentum.
Let's wait for some more price action as it could retrace. Trade with caution.
Disclaimer: Take this view only for educational purpose. Trade on your own risk. Happy trading!
@Sowmiya_sree, RSI is a indicator which measures strength/weakness of a stock based on their closing prices. It ranges from 0 to 100. There are different interpretations but for me value of above 60 depicts strength and value below 40 depicts weakness. Hope that addresses your query. Happy trading!
pratipal123
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i agree you view
Sowmiya_sree
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Thank you Rahul I am a new commer to this feild that's why
rahuljaiswal1580
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@Sowmiya_sree, Never mind. Your most welcome! Keep following my analysis and try to learn. Don't trade blindly. All the best!
palashat2017
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Failed this time bro. This happens
harshadp87
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good analysis, agree with you
r_milli
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NICE ANALYSIS BUT , AS U MENTION PURE PRICE PRICE ACTION WHY RSI ? ...ITS CREAT CONFUSION.....ACCORDING TO PRICE ACTION IF PRICE BREAK 1335....THEN CLEAR TRAFFIC TILL 1245
rahuljaiswal1580
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@r_milli, Hey! appreciate your feedback. I only use RSI to check the momentum and strength of buyers and sellers. That's it. I never emphasize on overbought and oversold zone. If I post it in the public domain, it's my responsibility to ensure that my trade setup is well supported by the strength and momentum which can generate quick returns within a short span. Hope that makes sense. Happy trading!