techtrail

Rural Electrification: Price At Crucial Juncture

NSE:RECLTD   REC LTD
The stock has been stuck in a broad range of 71-204 in the past few years. The recent rally has pushed the stock to the upper end of the trading range at 204-ish. Notice the selling tail in the current month candle. The spike in volume and the selling tail suggests that this *might" turnout to be an Upthrust or fakeout.

Before jumping to conclusions, it would make sense to await confirmation. Until there is a strong breakout above the recent high of 217, I would be cautious in this stock.

On the contrary, a breakout past 217 would have extreme bullish connotation. The will mean that 4-year long accumulation is over and the stock could then get into a major mark-up or uptrending phase.

Let's watch this stock for further clues. It could offer a nice trade in one direction or the other.

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