ENGINERSIN is bullish with uptrend above ichimoku cloud and has long contracts built in a falling market.
Enter Engineers India (ENGINERSIN) in CASH around 124.35 with Stop-loss 122.3 and Target of 131.45
ENGINERSIN has broken out of a falling Trend line.
RSI (14) has also broken out.
Volumes are increasing and above average.
Price seems to be heading to newer highs.
Target 1: 162
Target 2: 171
ENGINEERS INDIA have broken its support line on daily chart. Also, its has formed 'Head and Shoulders' pattern.
Though RSI looked oversold, but it is going to fall to level of around 139 in short term.
Please comment, if you feel any change/addition to my view :)
It is been observed on hourly and daily chart that the price action breaks and closes above the important and strong resistance levels of 275-278, indicating a strong buyers dominance and further bullishness ahead. It may correct to 275 levels before it goes up again. Therefore, I would suggest to keep a good eye on price action in order to reduce risk.