Refer chart for target and stoploss. Indicators are showing bullish signal.RSI,STOC,MACD,CCI are in bullish mode, and ADX showing bearish reversal. This all helps to move up further.
Vijayaraghavan,
Kovilpatti.
CUMMINSIND rose with good volumes but was not able to break the trendline. Bears pushed it down and closed it at S/R level. Bears seemed to have taken the control and plan to push it down.
NSE:CUMMINSIND
Target of 840 820 in the coming days. Since it has breaken the channel, it is safe to assume that share was being distributed at these levels till now and have started moving lower now.
Symmetric Triangle and price on Demand zone. It is a good chance enter into the right direction either long or short.
Trade:
Long - Entry 925, Targets - 945 / 969 & SL - 900
Short - Entry 899, Targets - 882 / 859 & SL - 924
Note : Demand zone will trigger for long side. So, need caution on short side.
It is been observed on the daily chart that the price action breaks below the important and crucial support zone indicating further weakness in the stock. Now, if it closes below 880 levels today then It shall now further dip down from current levels.
Target 1: 860
SL: 900
We will be interested in this trade setup only if downside break happens, if it never gets on, there is no trade, we will be looking for some other setup & scrip. Conservative traders book your partial positions around 900's zone & trail. Depending on your targets you need to adjust your stops , take care ! All the Best with Cummins..
