With positive sentiment ahead of quaterly results, a great momentum can be seen in this stock which has simuntaneously confirmed its breakout by sustaining above b/o levels as shown in price action.
The view is bullish on stock for a swing trade as volumes are quite high which represents instituitional buying at this levels. Let's wait for some more price action...
(1) Volume profile: Accumulation phase is running.. between 59.05 to 66.90 Levels And P.O.C. is standing at 62.70
(2) Rectangle Pattern range: 42.90 to 70
(3) Average high volume above trading.
(4) Previous swing high was 70
(5) RSI entered into overbought zone today i.e 22/06/2020. It indicates bulls are active.
Trade Set Up:
Today earnings of Reliance industries were declared. It is very clear that the bottom-line of business took a good hit.
Now, RIL has issued the right issue. Here is my look at how as an investor you should look at it.
The right issue will technically reduce your ownership if you don't participate in the right issue. I think one can sell RIL from current level...
There is lot of twists herein:
By the looking left to right , while breaking out the price Congestion we have seen Invalid breakout in price. That why price suddenly fall.
Bullish forget of 3 candles was completely perfec t but, again we have seen valid heavy volume candle ...! Something is cooking in this stock.
Let look more closer to the 4hrs...
HI TRADERS THIS IS MY 3RD ANALYSIS AS PER ME PC JEWELLERS ARE BREAKS THE RESITANCE AND CAME DOWN . IT IS BREAKS AGAIN GO FOR LONG
WAIT UNTILL RESITANCE BREAK . RISKY TRADERS GO LONG . THIS IS PURLY MY OPENION NOT FOR ADVICE . THIS IS FOR EDUCATIONAL PURPOSE ONLY FINAL DECISION IS YOURS .
1) 27% sales growth in Aug 2018 on a higher last year volume
2) Can be bought with SL 128.85 as it formed double bottom on 15 min candle
3) Other players in auto sector- Maruti Eicher Escorts Hero barely showed any growth
The stock has formed perfect pennant pattern and gave breakout with gap and good volume. It is trading below the trend line clearly telling more weakness in coming days. One can short the stock for a target of below 925.
VEDL has seen a good day or two of range bound trading. I f VEDL crosses above 229.65 with volume tomorrow il buy for a scalp trade with targets of 231-231.50 and a stop of 228.30. i will trail my stops as and when these levels are reached till RSI turns downwards!
BEL has been a very broad range and going nowwhere but yesterdays close had a bit of volume in it. Tomorrow if BEL crosses 182.80-182.90 levels with good volume and RSI crossing to above 70 levels im going to buy it for targets of 183.95-184.40.
Stops will be at the breakout candle low. If the trade risk reward ratio is uncomfortable its better not to trade it or...