Ramco Cements - Neutral - A good look for intraday
Ramco is now at the highest point since the COVID fall. The move up was a strong one today with increasing volume.
Reasons for being neutral:
1) It is at the swing high now, if it breaks it and the immediate Fibonacci resistance, we can see long above 680 but strictly only till 690. RSI broke the resistance at 60 as well
2) Now if it doesn't break the swing high and opens in the red, we can look to short with small stop loss of the Fibonacci level (680) or short on reversal from 680 looks good
3) As always, do not jump into transactions if there is a big gap up or gap down. Same here, if the opening is blunt, we will have a chance to transact either side
Long above 680 for strictly 690 or lower. Strong resistances above
Short view if opens red. Keep trailing every 0.5% fall.
#Disclaimer: Consult with your financial advisor. Stop loss essential as per your appetite. Trail diligently
Reasons for being neutral:
1) It is at the swing high now, if it breaks it and the immediate Fibonacci resistance, we can see long above 680 but strictly only till 690. RSI broke the resistance at 60 as well
2) Now if it doesn't break the swing high and opens in the red, we can look to short with small stop loss of the Fibonacci level (680) or short on reversal from 680 looks good
3) As always, do not jump into transactions if there is a big gap up or gap down. Same here, if the opening is blunt, we will have a chance to transact either side
Long above 680 for strictly 690 or lower. Strong resistances above
Short view if opens red. Keep trailing every 0.5% fall.
#Disclaimer: Consult with your financial advisor. Stop loss essential as per your appetite. Trail diligently
Trade closed: target reached:
Gave target in first 15 minutes. Transaction closed. Hope you all enjoyed. 693.5 high at 10 AM
Comment:
Ramco has crossed a very strong resistance zone. At 695 now. We can target and then above
Comment:
Target 700*