Precision Wire: Rounding bottom with momentum and volume Long

PRECISION WIRES INNSE

Description

⋅ Dec 4, 2022 2:46 PM

NSE:PRECWIRE has the follow features:

A clear rounding bottom consolidation
Then a breakout with a green hollow candle.
Volume is higher than average (vwma)
RSI is entering into 70 (OB) zone.
BUT See the price made a higher high compared to 10th Nov candle, but RSI is low compared to 10th Nov. So, a weaker negative divergence may be forming.

Trade: Buy above 116, SL: 107, T: 121/126
Sell below 107, SL: 110, T: 100/96