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Power grid is trending near the long term support at 186-188. Close above the trend line will make the price to move up towards the targets 194,197,199 and 202 with the stoploss of 188. RSI hidden bullish divergence supports the price action for uptrend.
Trade active:
@ 193 on 3/6/17
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Targets 1 and 2 reached on 3/8/17
Comment:
Target 2 and 3 reached on 3/31/17
@ramana.kgvr, Hidden bullish divergence happens when price is making a higher low (HL), but the oscillator is showing a lower low (LL).
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Wait for price to break monthly resistance for an aggressive entry... the stock is still pretty weak...
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@n.bhaskar1993, Ok. When the price closes above the trend line and breaks the monthly resistance, movement will be very fast. Thank you for sharing your view and chart.
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@vanathi, Yes, it is ideal the condition. But when using fibonacci support levels for retracement, ideally, we want to see the price retacing at low volumes. But here, we have the price retacing at unusually high volumes(increasing the risk). Hence, I would wait for the the RSI to break above 50 and the price to trade above MACD for a conservative trade.
Good Luck..
Good Luck..
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vanati i feel powergrid is yet to take support, it may soon break the support, this is my opinion, may see pull back but still it is under corrective cycle
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@nalinakshi, Why you think it is still under corrective cycle? Can you share the chart about your view?
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@vanathi, i have posted my views on powergrid posting Please look into it. If i am wrong or if you feel different please comment. views will make one to improve and change perspective
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