A clear RSI diversion with and engulfing candle at the top clearly signifies a correction to the level of 309.
Price - ₹326.55 Dt. - 09-10-2020 In past, the price has taken the support of 21DEMA and we think this time the stock can do the same. After 4 sessions in green, the stock closed in red today making bearish engulfing pattern. RSI is above 70, so chances are stock can fall for a few trading sessions and become attractive stock to buy.
Note: This is for educational purpose only. 21 EMA seems to have acted as a dynamic support before in Laurus Labs uptrend. There seems to be a bullish engulfing at 21 EMA. RSI above 65 indicates bullish momentum. There seems to be a bullish breakout in RSI as well.
Sell below 1370 TGT 1365-1360-1355 SL 1385
Laurus Labs - 1408 - Short for the next few sessions
Another strong trending stock made a fresh High. Buy with 1160 price below OR 120rs below entry as SL
Sell below 1162 TGT 1158-1155-1150 SL 1178
A very positive opening for the stock of Laurus labs. It has rallied past the prior high (₹1,155.9) and registered a fresh all-time high today. The stock is riding on a significant upside momentum and the fresh breakout will only make the case stronger for the bulls. So, declines can be used as an opportunity to go long in the scrip.
Gap will be closed in some time. For now there is strength in the stock, till now there is no profit booking seen from a long time. The next big target is 1125 if we don't see the profit booking in upcoming days. Remember we will see the attempt to close this gap in some time. Volume divergence is also sen which is not good for long term. The only problem for 1125...
The trade to be taken with 10% SL from the least resistance point identified
If the level of 321.5 is broken and the price closes below it on weekly charts then the target of the H&S is 231.