This is daily chart of KOTAKBANK (CMP : 1132.15) on NSE (INDIA). In my opinion, it's a good opportunity for a long trade. Opinion is based on following observations on the chart:
1. Support zone has been marked on the chart which is indicated by multiple supports/resistances using arrows.
2. Trendline drawn on the chart has been tested several times (marked by arrows)
3. Bullish kicker has been formed on 2nd Nov 2018 after testing support accompanied with substantial rise in volume which is a strong reversal sign.
4. RSI has taken several supports at 40 and this time also, it shows reversal from 40 accompanied with bullish kicker as mentioned in preceding point no. 3.
In view of above, it could be a long trade with Stop @ 1198 (below swing low) and immediate target could be 1180 (forthcoming resistance)
Happy trading....Your view points are valuable in cross learning.....
1. Support zone has been marked on the chart which is indicated by multiple supports/resistances using arrows.
2. Trendline drawn on the chart has been tested several times (marked by arrows)
3. Bullish kicker has been formed on 2nd Nov 2018 after testing support accompanied with substantial rise in volume which is a strong reversal sign.
4. RSI has taken several supports at 40 and this time also, it shows reversal from 40 accompanied with bullish kicker as mentioned in preceding point no. 3.
In view of above, it could be a long trade with Stop @ 1198 (below swing low) and immediate target could be 1180 (forthcoming resistance)
Happy trading....Your view points are valuable in cross learning.....