RSI made higher high (HH) that means trend reversal signal
Line charts made lower Low (LL) Thats means its a rsi divergence
Tight trendline also broke
Bullish engulfing pattern in candle charts also
All these happened at major support level
TARGET = 478
LOT SIZE = 1851
6 types of price action & technical analysis confirmation before this trade
FOLLOW FOLLOW FOLLOW
ITC Forecasting , Positive RSI divergence
ITC is trading at its crucial support around 165 & Now RSI is also accelerating Positive divergence towards demand zone.
We can see first moves toward 180 if it successfully cross the 174.
If it fail to hold 165 then we can see next support at 157.
Tech Mahindra seems exhausted now and is not participating in the Amazing IT rally that we have seen. It can be considered the weak link in the It index even though it has given a wonderful return. Technically TechM has closed with a graveyard candlestick which indicates a reversal in the uptrend. One can enter into a short position around 870-875 with a strict SL...
Nifty - Technical Analysis:
-Nifty logs a gain of 171 points, or 1.52 percent, to settle at 11,449.25
-RIL jumped over 7%
-It gaped above 11300 based on recovery in US markets after the selloff a few days back, we can see resistance at 11600 and index would need to cross above resistance zone before seeing upper levels.
Market - Driving Factors:
Price moved up but RSI showed bearish divergence.
Currently, Price is taking support at Upper trend line on daily duration .
Price rejected from Long Term resistance .
Looks like distribution zone - sideways movement will continue for a while .
Current Price is at confluence of 50 EMA , Support & upper Trend line.
Profits will stick to those who stick to Pidilite. Afterall, the company manufactures Fevicol!. The Price action has an almost perfect setup for going long - double bottom, consolidation, a nice rejection candle with a long tail. Technical indicators are positive too - RSI Bullish Divergence among other indications. The blue horizontal lines are Gann Levels -...
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There is something worthy of noticing w.r.t. the rising channel Nifty is moving in and RSI divergence, this time.
1. While the Nifty has made a higher top, RSI has failed to do so. This RSI divergence is seen after a long time, as RSI is considered as a leading indicator, this can't be ignored.
2. Nifty has not touched to resistance line of this channel this...
Infosys has seen a correction and a recovery. During the recovery phase, we also observe that the third Elliott impulse wave has been completed and the corrective waves have started. The last 2 weeks has seen a consolidation in the stock with a couple of attempts to both break above and below the consolidation. The counter is now seeing some exhaustion and any...