Looking at the weekly charts of Sumitomo Chemicals it can be seen that there is a year old resistance line. And then there is beautiful breakout of this line accompanied by good volumes... (OPEN THE CHART FOR DEATAILED VIEW)
Now, here RSI is high and shows momentum. Hence RSI should fall marginally. Therefore, prices must fall, but not to a great extent. This can be justified as a retrace after the breakout.
LEVELS:
Entry: 372-377 (After retrace)
Target 1: 452-455
Target 2: 525-528
STOP LOSS: 355-357 (Closing basis0
TRAIL STOP LOSS
Risk-Reward Ratio Favorable!!
Volumes check
MACD bullish
I would recommend going long on SUMITOMO CHEM. for a swing trade
FOLLOW IF YOU LIKE THE ANALYSIS
LIKE AND COMMENT WHAT YOU THINK!!
THANKS
Now, here RSI is high and shows momentum. Hence RSI should fall marginally. Therefore, prices must fall, but not to a great extent. This can be justified as a retrace after the breakout.
LEVELS:
Entry: 372-377 (After retrace)
Target 1: 452-455
Target 2: 525-528
STOP LOSS: 355-357 (Closing basis0
TRAIL STOP LOSS
Risk-Reward Ratio Favorable!!
Volumes check
MACD bullish
I would recommend going long on SUMITOMO CHEM. for a swing trade
FOLLOW IF YOU LIKE THE ANALYSIS
LIKE AND COMMENT WHAT YOU THINK!!
THANKS