Ram_HumbleIndianTrader
Long

Siemens India: Looking for an early break out from the triangle

NSE:SIEMENS   SIEMENS INDIA LTD
After the block deal of share transfer between the holding entities, Siemens India rallied and consolidated near the upper trend line of the triangle pattern .

On 03 July 2020, long green candle was formed in day chart above the upper trend line of the triangle pattern . Volume saw a huge spike indicating a big money move.

If the price sustains above the upper trend line of the triangle pattern with a considerable volume , it would be an early break out and the erst while upper trend line will turn to be a support line.

In case of early break out, buy near 1135 during a surge after a pull back to 1120 levels.

1st Target - 1200-1230; 2nd target - 1250-1270
SL - 1105.

Indicators:
1. MACD has a positive crossover and looking for a divergence
2. ADX indicate strength of the upward move
3. Price crossed and closed above 200 EMA and 20 and 50 EMA point upwards.
4. RSI not yet in overbought zone

Caution: Since this is an early break-out without any strong fundamental news, respect the SL

Comments

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