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
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