REC LTDLong
REC Ltd - Breakout Opportunity
Updated
Date: 12-Jun-2024
Rating: Buy - Positional Trade - Buy above 524
LTP: Rs. 516.45
Targets: (1) Rs. 567 --> (2) Rs. 607 --> (3) Rs. 731
SL: Rs. 482 on daily close basis
Technical View:
•RECLTD is in its primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 607.80 on 3-Jun-2024, it has retraced 33% to 408.30 level.
• On 12-Jun-2024,RECLTD has broke out from its secondary down trend with high volume.
• RSI is trading at 49.87 and MACD is trading at -1.29. Both are about to give bullish cross over. Hence, buy above 524.
• Looking good to start a new swing from here.
• All the above observations are noted in Daily Timeframe.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Rating: Buy - Positional Trade - Buy above 524
LTP: Rs. 516.45
Targets: (1) Rs. 567 --> (2) Rs. 607 --> (3) Rs. 731
SL: Rs. 482 on daily close basis
Technical View:
•
RECLTD is in its primary uptrend and was recently going through it's secondary downtrend.• After touching the high of 607.80 on 3-Jun-2024, it has retraced 33% to 408.30 level.
• On 12-Jun-2024,
RECLTD has broke out from its secondary down trend with high volume.• RSI is trading at 49.87 and MACD is trading at -1.29. Both are about to give bullish cross over. Hence, buy above 524.
• Looking good to start a new swing from here.
• All the above observations are noted in Daily Timeframe.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.
Note
4-Jul-2024-------------
LTP: Rs. 575.65
1st target of 567 reached. 11% up from suggested level.
Note
8-Jul-2024-------------
LTP: Rs. 607.60
2nd target of 607 reached. 18% up from suggested level.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.