RVNL- whether history repeats ?
On 5th July 2024, RVNL saw a price surge of approximately 17%, accompanied by a large trading volume. Following that, the stock jumped another 28% within just four days.
The screenshot in the update section clearly illustrates the activity over those three days (bulk buy/sell data).
A similar pattern occurred on 8th October 2024, with a 15% price increase, this time with lower volume.
Let’s analyze this candle from a price action perspective: the next four candles formed a lower low pattern, but found support at the 60% retracement level of the initial candle. A potential trend reversal seems to have occurred at this point, with steady volume growth in each subsequent candle up to the present. Volume of 8 October is almost same as 17 October .
The key question now is whether history of 5th july 2024 will repeat ?
It's challenging to predict at this point.
NIFTY is currently in a sideways movement, facing significant selling pressure. With FIIs being net sellers, we’ll have to wait and see how things unfold.
Cautionary note: Support / resistance levels may vary based on market conditions .so this is not a recommendation to buy or sell, but rather a signal to watch the stock for future trading opportunities.
It's essential to monitor the stock in the coming days to see if the price action fits your entry criteria and aligns with your strategy.
disclaimer :This is not a buy sell recommendation - only for study purpose .
The screenshot in the update section clearly illustrates the activity over those three days (bulk buy/sell data).
A similar pattern occurred on 8th October 2024, with a 15% price increase, this time with lower volume.
Let’s analyze this candle from a price action perspective: the next four candles formed a lower low pattern, but found support at the 60% retracement level of the initial candle. A potential trend reversal seems to have occurred at this point, with steady volume growth in each subsequent candle up to the present. Volume of 8 October is almost same as 17 October .
The key question now is whether history of 5th july 2024 will repeat ?
It's challenging to predict at this point.
NIFTY is currently in a sideways movement, facing significant selling pressure. With FIIs being net sellers, we’ll have to wait and see how things unfold.
Cautionary note: Support / resistance levels may vary based on market conditions .so this is not a recommendation to buy or sell, but rather a signal to watch the stock for future trading opportunities.
It's essential to monitor the stock in the coming days to see if the price action fits your entry criteria and aligns with your strategy.
disclaimer :This is not a buy sell recommendation - only for study purpose .
Note
Disclaimer
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