AbhishekHSinghCMT

RPower - Don't play with power at 45

Short
NSE:RPOWER   RELIANCE POWER
6
We all know what happens if you play with power- you won't need any enemy. From the previous post 5 months ago -H&S -Looks weak below 50- It was an awesome fall to 38 lows & we also enjoyed.

Post 38 lows in Nov2016- it has been little choppy upside till 47.15 & turned abruptly down looks like still something is pending as recent rise does not look good- whatever be the case -you should be careful not to trade with power if it fails to sustain above 44-45 zone & falls below 43.20.

Why 43.20?
It is the polarity level acted as resistance 2 times & same point acted as support 3rd time to give a push upside till 47.15 so one needs to be careful below 43.20 support -going below shall be a problem.

Trading Strategy
If Power fails to sustain above 44-45 & falls below 43.20 which will trigger downside for a couple of points in 41-42 zone & possibly turns upside for another choppy & tough trade- so this stock can give tough time to traders.

You would love to read the previous update

Rpower- Explosive 50-38 Downfall- Target Achieved

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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