Hikal is standing on a strong support trendline.
Stock can reverse from CMP. SL and target on the chart.
Not a recommendation but a reversal idea shared for educational purposes
Nykaa share has been under constant beating from its listing.
Currently, the share is consolidating and it might form a double bottom pattern to bounce from 120-125 levels. RSI is already forming higher lows.
The major resistance is 145-150 levels above which the stock might show signs of reversal.
Idea shared is not a recommendation but just for educational purposes.
From the date of listing stock has continuously been falling
But now after a good all consolidation(Accumulation)
Stock has started to show good momentum
one can enter know or enter above 390
With a Target of 470 which is 0.618
and SL of 320-23 levels.
RSI Divergence Sharing for study purpose only.
BalkrishnaINd Making Lower lows on charts.
For early indication, we go down on Hourly charts.
As prices are moving down RSI is not making Lower Lows. (Marked with red arrow)
You can check on the lower time frame also on 15 min/ 5min charts.
It's an accumulation zone for the stock which can give a good up move in...
The price is still in a downward move, however the recent move which broke the cloud from below and was able to sustain for a couple of weeks above of cloud, means showing signs of exhaustion in selling.
