Nice strong white candle retesting a key support level . Positive divergence on RSI . Tapped the lower end of the bollinger band . First target of 500 with a SL of 410.
RSI values which are miles apart cannot be compared for divergence , Inbuilt RSI formula will show it that way .
Bollinger band lower band touch is of not much significance , It can keep on doing same if trend continues.
2 Days still remaining in week before anything can be said of current weekly candle .
So lets keep track of this.
@neneram, appreciate it! by Bollinger band lower band touch i meant that it is within its volatility levels which might signal that the chances of trend reversal is low. Please correct me if I am wrong.
@raunaq,
Nifty is at all time high and this stock is falling continuously for last 9 weeks , Clear story Bulls are not interested .
Now 405-410 has acted as support in past 2 times , So now also its doing it work .
Trend reversal from this point has low probability , Unless Nifty is going to go till 10K or above.
So this will keep dragging upward (20-25 Rs up) along with nifty .
And when nifty turns , This will sink right through the support.
Bollinger band lower band touch is of not much significance , It can keep on doing same if trend continues.
2 Days still remaining in week before anything can be said of current weekly candle .
So lets keep track of this.
Nifty is at all time high and this stock is falling continuously for last 9 weeks , Clear story Bulls are not interested .
Now 405-410 has acted as support in past 2 times , So now also its doing it work .
Trend reversal from this point has low probability , Unless Nifty is going to go till 10K or above.
So this will keep dragging upward (20-25 Rs up) along with nifty .
And when nifty turns , This will sink right through the support.