Tail it has all the characteristics and underlying implications of the excess price, but is stronger. The less time price spends at a certain price level, the more effective that price level will be in providing support or resistance for future price action. Because less time spent shows greater rejection. Observe how price goes above value and spends there the...
Has taken support at 1210 levels......resistance of 1240 will be taken out.......Kotak Mahindra buy Cmp. 1231 ... with the target of 1280.....sl placed at 1209
RSI has eased off from highs........still strong and above 50......
The information is educational purposes only and does not constitute an offer to sell nor a solicitation of an offer to buy any security which may be referenced by me. The information provided through my charts are for personal, non-commercial, educational use and display.
Buying kotak bank because of price is at rsi oversold area on daily chart and strong bullish candlestick marubozu type formation with good volume,weekly chart is also at rsi support zone and target is based on Fibonacci
Stoploss - 690
Target 1 - 747.45
Target 2 - 781.31
:- Neutral stance as of now, as the move currently not confirm as the c wave is not confirm as it can go more south until 161% retracement.
:- but if it breaks to the upside it may form a new leg of the move.
:- risky trade( short when close below 100MA book profit at 161.80%) (long when break the trend line to the upside)
:- and yes it is also holding middle...