It is at 6th level on weekend strategy. Breakout is possible but we can not afford to bet on the breakout due to the possible mean reversion as it already rose quite a lot in last two months.
So, waiting on the breakdown or consolidation confirmation to trade.
Price action has formed double bottom and it is consolidating within small range. When the price breaks downward channel, we can buy above 185 with the stoploss of 182. Targets are 195, 204 and 214. Can take it for short term investment. Consult your financial manager before investing.
It is been observed on daily chart that the price action previously formed a long big red candlestick indicating seller dominance in the price action who are pushing the price down. Today, it is also observed that the price action opens up high but the seller dominance put the prices down again, indicating further bearishness and dipping of prices.
Target:...
REC Ltd. engages in the provision of financial services. The company offers financial assistance to state electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives, and private sector utilities. Its services include loan for generation, transmission, and distribution projects. The company was founded on July 25, 1969 and is headquartered in New Delhi, India.
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