techtrail

NIIT Tech: Gearing up For A Nice Rally

Long
NSE:NIITTECH   None
153 views
9
Notice how the sequence of lower highs and lower lows was halted and price flipped around since September lows. Am watching this stock for a breakout above 450 to add more to my holding.
Comment: Word of Caution: Have a look at the updated chart of the stock.
Notice the spike in volume on Friday. The spike in volume is occurring right at the prior zone where a similar green candle with volume spike happened few weeks ago. Price then correction about 10% from the highs.

The inability to cross the recent highs, despite the volume spike, makes me slightly cautious / worried. A red candle on Monday (Oct.17) would mean that the stock is still not attracting big buying interest.

Better to wait for the price to clear the green line at 452+ before considering big ticket long positions.

Comments

Beautiful Analysis. My view on it was similar to yours https://in.tradingview.com/chart/NIITTECH/
Reply
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