Rain Industries - price corrected around 80% due to carbon price correction.
when a price is correct by 80% it is worthy taking a watch as an investor / long term traders.
As per TA, it is making a long falling wedge and most of the time wedge tend to break upside. So,
one can buy between 85-105 rs and sl below 85 for the target of high (480)...
Stock has been falling from many months, making lower low.
Still no signs of reversal, however its been trading in fibonacci crucial zone hence keep an eye on price action
Further support can be seen at 121 levels.
Volumes are considerably low.
Rain Industries was struggling near 400 levels from past four(4) months.
and forming Spinning Long Range Candles, signalling supply pressure near those levels. Hence some decline was then seen in the stock, forming long bearish Candles.
Stock might correct more , however there are no much sign of weakness on the charts.
Price action should be observed near 300...
Another interesting chart this one. Stock is in a major uptrend. It has been consolidating off-late and the daily price range is contracting steadily. Looks like price is coiling before a big breakout move.
Have this in your watchlist.