Nifty may take support from current level,
because it is trading at confluence of:
1. support zone
2. Trendline support
3. oversold stochastic oscillator
we need evidence of demand to enter in long trade,
a bullish candle.
Note : only for learning, not a trading tip.
After a bloodbath of a week, the markets are recovering and after a 15% fall, BPCl has taken support on its long term support with a high volume bullish candle
Moving average does not say much.
Stochastic RSI is also in the oversold region giving a long bias.
T1 Is the short term target
T2 is the Long term target
Stop loss below the support level.
Keep It Simple
1) The stock is at a support zone from where it gave a new high
2) RSI is oversold with low of 19.43
3) The current hourly candle has also closed within the bollinger band.
Very high probability that the stock might cover the gap of 1520
buy around 2150 -2160 if possible or else get it with your own risk to reward ratio
target for 3-5 %
its rsi in day is deep oversold 14<
hold it gona give you a big 3-5 % and then exit wait till make a w pattern then reenter to get 5-8 %
Remember any stock in the world cannot move with slope as infinity it need's price action calculus approach
Having a lot of expectation for this stock to move upside. There are lot of confirmations on charts, However I am not plotting them on charts neither disclosing for now.
The probable targets are 1242 & 1273 in short term. Rest all will be updated afterwards in update idea section.
Chart & Analysis - Adarsh Dey
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Overbought -- OB
Oversold -- OS
Divergence -- Div
B-- Div after OB at A
C-- Double top and Div
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