Shipping Corporation of India - Value Buying and Bullish trend
Shipping Corporation of India had retraced almost 61.8 % from highs near the lows, after a period of accumulation where there were continous responsive buyers at lows. The price started moving up.
Volumes : Volumes can be confirmed with the circles plotted on chart.
Retest : The retest of price happened highlighted by the rectangle.
Initiative Buyer : we can see big volumes coming after the retest happened and price started moving above POC - Point of control of current range. This suggest a strong support zone below even if the price retraces a bit eventual trend is up.
From the previous point of controls and value area highs we can set targets for upcoming upmoves :
Targets :
1)210
2)235
3)290
4)350
There should be strong support around Point of control and value area low of current range, in case of SL hunting of weak hands.
Still shows a relatively low risk opportunity with potential for high reward.
PS : Post is educational in nature and doesn't constitute any financial or buy sell advice. Do your own research. The publication is made with the intention to explain the concepts of RSI Hybrid Profile.
Indicatorhttps://in.tradingview.com/script/QbWSMY3l-RSI-Hybrid-Profile/
Volumes : Volumes can be confirmed with the circles plotted on chart.
Retest : The retest of price happened highlighted by the rectangle.
Initiative Buyer : we can see big volumes coming after the retest happened and price started moving above POC - Point of control of current range. This suggest a strong support zone below even if the price retraces a bit eventual trend is up.
From the previous point of controls and value area highs we can set targets for upcoming upmoves :
Targets :
1)210
2)235
3)290
4)350
There should be strong support around Point of control and value area low of current range, in case of SL hunting of weak hands.
Still shows a relatively low risk opportunity with potential for high reward.
PS : Post is educational in nature and doesn't constitute any financial or buy sell advice. Do your own research. The publication is made with the intention to explain the concepts of RSI Hybrid Profile.
Indicatorhttps://in.tradingview.com/script/QbWSMY3l-RSI-Hybrid-Profile/
Trade active
Target 2 of 235 was hit and price started retracing from there, big volumes there so price will consolidate for some time now, still bullish trend exists.
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.
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.