Relcapital on Hourly charts is trading in a range (BOX)
Breakout from this box will be important to take any trading positions.
Given the targets and SL for both (Long and Short), Lets see.
Bias is negative as it trading below Pivot Point and also momentum indicators are showing weakness.
Will take my position only on breakout....
Like it if you love it :)
RELCAPITAL RESULT AFTER-VIEW- Stock posted normal result but not good as I am expected so now stock will goes down from sell sell from 545-48 sl should at 555 target 540-530-520
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.
Target: 528
Stoploss: 548
Breakout from 6 years flat channel can give 40-50% returns in short term. Also there is lot of turnaround in operations of the company thus giving good chance for breakout.
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.
Target: 454
Sl: 474
