*Weekly* chart indicative of positive RSI divergence, and historically, the stock has bounced back when its RSI touches ~35 levels...the RSI ranges between 35-75 levels on the *weekly charts*
In the weekly view, the EMA's have started acting as a resistance and the current stock price is below the
Long abv 635 (cash)
Havells Entry 624
Stop-loss - 610
Risk-Reward 1: 8.7
Risk 2.24% - Reward 22%
Havells trading at 624, took support around 622-630 zone multiple times in the last 6 months.
The primary trend is very strong, so utilizing this dip to get in the trend.
IT IS RESPECTING WEDGE PATTERN AND AS WE CAN SEE TAKEN SUPPORT MANY TIMES ON LOWER LINE IF IT BREAKS LOWER LINE ON CLOSING BASIS IN 15 MINUTE CANDLE TARGET FOR SHORT GIVEN BUT IT SHOULD TAKE SUPPORT AND GO UP TO CONTINUE ITS CURRENT WEDGE PATTERN LONG TARGET IS ALSO GIVEN GOOD LUCK
NOTE: TRADE AT YOUR OWN RISK
BEARISH DIVERGENCE IS SEEN WITH STOCHASTIC ONCE HORIZONTAL LINE IS BROKEN ON CLOSING BASIS IN 15 MINUTE CANDLE TARGET IS GIVEN WITH BLUE ARROW (664) :) STOPLOSS WILL BE SLIGHTLY ABOVE UPPER TRENDLINE 710 GOOD LUCK
NOTE: FOR EDUCATION ONLY
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