BSE:RELCAPITAL Daily chart shows multiple support level at 530 zone. Stock bouncing from that level with Bullish engulfing candle. Stochastic also getting up from Weakness zone (I don't like to call it Oversold zone). Stop loss below 520 on daily candle closing basis. Targets: 650/750. Time frame for target 30 & 50 Days.
In the above chart, I have a drawn a closing price resistance line in blue indicating a highest candle close on the chart, now the price action needs to close above that previous resistance to indicate further upside movement in the stock therefore we need to wait for the daily price closing in order to determine and confirm the further movement.
In this chart,...
REL Capital has formed Big Candle in daily Graph,
Big candle High is 440. if it give close above this we can see good upward sharp move.
we can target 38% if entire move that is 480.
wish u happy trading enjoy this trade
It is been observed on Daily chart that the price action dropped down more than 20% from the highs of 580 levels, highly dominated by sellers. Now, I believe it has reached to a strong support levels where the big buyers shall be coming back in the market with a high demand that will take up the prices to the 23.6% Fib levels.
Risk Reward: 1:2
It is been observed that the price action forms a symmetrical triangle where the seller put their dominance and breaks to downside of the triangle. It is assumed that the price action shall further move down and reach to previous support levels.
It is been observed that the price action breaks out from a trending channel and then the selling seen at the double top that confirms selling and the price action shall move down to the previous resistance, now shall be acted as support.