The stock has rallied almost 33% in the last 2 months, there needs to be a correction or consolidation phase. One needs to be cautious not to enter long at this point as technical indicators suggest a short set up.
1. RSI negative divergence - The price is increasing at a very fast pace but the strength index is not following the path as indicated in the chart....
Honestly, if there was an ever an example to use to teach someone resistance, it's this. Reverses from the trend line every chance it gets.
Imagine the psychology of a trader if it breaks the barrier.
Buy above 175 with an open target. It will move! NSE:ITC
11 Sept Week closing shows rejection from top. Next weekly closing below low of cuurent week will confirm reversal from Top. Keep in your watch list for short position.
Disclaimer : Analysis shared is for education purpose ONLY.
Kotak is making Higher Lows While a combo of Several Oscillators are making Lower Lows . So A hidden BUT Powerful Divergence is Spotted here . I have invested a very small amount.. A few Candles and Volumes will guide us Tomorrow Morning.
After a great RALLY from 486 to 647, there has been huge selling on 30th July
with more than 25 million shares traded that day.
However that did not break the prices and there was a small price correction.
The intersection price of 608 is important.
An upward move is expected if sustained.
The 30 min chart on Market Profile shows weakness.
Although a trade with...