When all news is good news for a stock
As per the wave personality theory, the best news about a stock comes during 5th wave of some degree.
The scrip has been in news lately for various good reasons and every analyst / news channel is covering the same.
However, technically
- We may be in the 5th wave of rise from Nov 2020 lows of 22/- as marked - On weekly scale, the 5th is almost complete unless it decides to extend by way of sub-divisions
- Price is developing negative divergence with momentum indicator
What next - in our view
- Time to tighten SL.
- There is no harm in taking some profits off the table if monthly closing (although its just mid of the month and closing is still far away) is a red bar.
Let's see how this develops.
Disclaimer - These are our personal views and in no way a Buy or Sell recommendation. Any trade or investment decision if you wish to take, please do after consulting your financial advisor.
The scrip has been in news lately for various good reasons and every analyst / news channel is covering the same.
However, technically
- We may be in the 5th wave of rise from Nov 2020 lows of 22/- as marked - On weekly scale, the 5th is almost complete unless it decides to extend by way of sub-divisions
- Price is developing negative divergence with momentum indicator
What next - in our view
- Time to tighten SL.
- There is no harm in taking some profits off the table if monthly closing (although its just mid of the month and closing is still far away) is a red bar.
Let's see how this develops.
Disclaimer - These are our personal views and in no way a Buy or Sell recommendation. Any trade or investment decision if you wish to take, please do after consulting your financial advisor.
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.