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STEELXIND trade ideas
Steel Exchange - LongAs can be seen from the RSI (green line) the stock rebounces once it approaches 54-55 RSI. Also one can see the sale volume has reduced drastically and the price is approaching a support zone.
Buy 67-70
Target 96-100
technical and fundamental Good........ target 80........technical and fundamental Good........ target 80........
STEELXIND Resistance BO with VolumeNSE:STEELXIND [/symbol
Entry level marked on chart,
Buy only candle closure above entry level, ATH.
Watchout for 3-year-old resistance breakoutThe stock looks good above 71 (on closing basis) for 15-20% further upmove. Possible targets are 79, 90 and 100
Theory vs Real world.Theoretically, FLag and Pennant patterns are short term patterns that take about 3-4 weeks for completion by which point consolidation ends and the prior trend picks up pace. But in this chart the consolidation had been taking place for 9-10 weeks. And finally the much anticipated breakout has occurred and the scrip is giving the classic flag style move ! But flags/pennants are short period patterns as earlier told, so is it a Pennant or not? Or is it what we call a measured move?
Funny world of chart patterns XD
PS: Just an observation
