Look out at Alok Industries. NSE:ALOKINDS
The stock closely follows the RSI. Their graphs are almost identical!
Assumption the sellers use the RSI indicator extensively and sell as soon the as the RSI goes above 70.
It is suggested to follow the RSI to long/short or buy/sell this stock.
A great opportunity to buy Vasco Engineers. NSE:VASCONEQ
The stock is imitating the RSI movement approximately. As RSI is above 70, the holders are expected to sell the shares now.
Bolligner Bands also support the assumption.
ATR of 0.96, so should move quickly.
Short VASCONEQ at 14.
Buy again after dip at 8 for Target Price of 14 and Stop Loss of 6. ...
Huge volume of buyers this week. Though penny stocks don't really care about trendlines, but still taken nice support and gaining momentum.
Still a bad stock to trade as nothing is working well in terms of fundamentals.
STRICTLY FOR RISKY TRADERS as technical analysis never worked for me for penny stocks.