Prices have increased with negative divergence in RSI & Volume.
Ascending triangle has formed depicting a continuation downtrend.
As of 5th August, it shows weak buying for intra or couple of few days but sell signals for positional(short term) trading.
Go short till 470, weak support between 460-470rs.
Next support between 301-342.
The bigger picture clearly shows the converging symmetrical triangle pattern and its getting ready for the breakout.
90% of the time breakout happens in the direction of the existing trend. While breakout please look for the volume and confirm that its not a false breakout.
Stay safe !
Trade safe !
The price broke above a resistance line with good volumes which is a good sign. The price inclined for a move to go into ichimoku cloud, so the technicals are with the buy signals. Place stop loss and targets according to support and resistance lines drawn.
On the levels of 491 Indusbank has finally makes breakout. And if sustain above the current levels then we can see the further upside to the levels of 633.65. With a Support base zone at 400-390 Levels.
STOCKS ON RADAR TODAY
INDUSIND BANK RANGE RE-ENTRY
-STOCK HAD RECENTLY BROKEN ITS UPWARD TRENDLINE
-FROM THE LEVELS OF 416 THE STOCK HIT A BOTTOM OF 330
-NOW WHAT WE ARE SEEING NOW IS A PULLBACK RALLY CAN CLIMB UPTO 415
-THERE IS A GOOD RANGE FOR THE STOCK BETWEEN 368-486
-STOCK CAN FIRST TEST 415 AND IF BREAL THEN
-STOP WOULD BE AT...