RAIN has broken out a strong zone of resistance
NSE : RAIN INDUSTRIES
Rain Industries was in a down trend for past 3 years.
On the weekly time frame 50 % Fib Retracement stands at (115.55-138.15) zone.
This zone was acting as a strong resistance for the price to break this level.
From the march low, the price strarted to take support on a bullish trendline and forming higher highs.
and the price was in the form of ascending triangle pattern.
Last week the price has broken out with good volume indicating the bullish momentum.
We can enter Long trade @ CMP or 140 level and target 165 & 190 level .
Rain Industries was in a down trend for past 3 years.
On the weekly time frame 50 % Fib Retracement stands at (115.55-138.15) zone.
This zone was acting as a strong resistance for the price to break this level.
From the march low, the price strarted to take support on a bullish trendline and forming higher highs.
and the price was in the form of ascending triangle pattern.
Last week the price has broken out with good volume indicating the bullish momentum.
We can enter Long trade @ CMP or 140 level and target 165 & 190 level .
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