This is the daily chart of RECLTD on NSE (INDIA). It looks good opportunity to go in for long position. Following observations have been made in forming the mentioned opinion for long position:
1. Price failed to make new low while retracing during 31st Aug 2018 to 28th Sep 2018
2. After retracing as mentioned in the preceding point, it reversed after testing key level of 78.6% on Fibo as shown on the chart.
3. There has been substantial consolidation during 1st Oct 2018 to 26th Oct 2018
4. There is a decisive breakout of symmetrical triangle on 29th Oct 2018 with rise in volume and surge in OI (Fut -Nov 2018 by 7.8%).
5. RSI indicates good momentum
In view of above, it looks a good scrip for long with possible targets of 120.5/131.85 which are resistances as shown on the chart. Stop loss could be 107.20 (below opening of breakout candle formed on 29th Oct 2018.
Happy trading !!! Kindly offer comments which will help all of us through cross learning
1. Price failed to make new low while retracing during 31st Aug 2018 to 28th Sep 2018
2. After retracing as mentioned in the preceding point, it reversed after testing key level of 78.6% on Fibo as shown on the chart.
3. There has been substantial consolidation during 1st Oct 2018 to 26th Oct 2018
4. There is a decisive breakout of symmetrical triangle on 29th Oct 2018 with rise in volume and surge in OI (Fut -Nov 2018 by 7.8%).
5. RSI indicates good momentum
In view of above, it looks a good scrip for long with possible targets of 120.5/131.85 which are resistances as shown on the chart. Stop loss could be 107.20 (below opening of breakout candle formed on 29th Oct 2018.
Happy trading !!! Kindly offer comments which will help all of us through cross learning