------------------------------Price Action vs. Volume!------------------------------------
Let's talk on the left to the right side:
6th and 5th candles : wide body with normal tail and 3x volume which means buyers .
4rd Candle, Volume less compared to 5th and 6th candle and price falling: Clearly showed that something is cooking a nd till price can move...
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...
MVWAP may be used by longer-term traders, but VWAP only looks at one day at a time due to its intraday calculation. Both indicators are a special type of price average that takes into account volume which provides a much more accurate snapshot of the average price. The indicators also act as benchmarks for individuals and institutions that wish to gauge if they...
(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:
(For Learning Purpose)
Currently trading in Wyckoff's Phase 1 (Accumulation)
Test of supply happened and price started to move up with expanding volume
We can clearly see volume expansion when price moves up and volume contraction when price moves down or trading in range
Price might move down to ₹40 - ₹42 range before starting to move...
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...
The stock tested the Initial Balance at the downside and reversed from 1050.
The retracement should have greater volumes and momentum and
wide range candles than the bearish candles to gain strength.
Failing this, it will continue its downward journey or simply trade in the range.
We will see what happens throughout the day.
Check for updates and any trade signals
Century Textile gave contracting triangle breakout.
Big volume breakout after consolidation.
Long near 310-330 STOPLOSS 274
Targets 355, 380, 480-500(long term)
Non risky can wait for confirmation close above 328 on daily charts.
Disclaimer: Calculated and plotted values may vary and change. This investment/trade may not be suitable for all investors. Do...
NSE:PRINCEPIPE has given a breakout on Weekly and Daily Time Frames. On weekly charts the RSI is also showing that the stock is gaining volume and is in the sweet 60-80 zone. Further, on daily charts the RSI is near 75 level. The stock can move forward a little bit so one can take an entry right here and further wait for retest (that is when the RSI will be in...