TREND ANALYSIS & TRADE SETUP
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Wait for Proper Entry Setup.
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Educational Chart Only.
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Long tgt 1785, 1934
SL close below 1683
Price squeeze in a symmetrical triangle.So heading for a breakout.
Disclaimer: I am a novice at charting and the charts are purely for educational purpose. Views and opinions are welcome
This stock corrected from 1900 levels. Most important in the last 2 months its in swing trade in closed range. It crossed the resistance of 1530 level and retraced back. Now 1525-1530 formed support. From here stock might go long and hit first Fibonacci levels i.e 1900 levels in the next 4 months making 23.8 percent gains.
It is been observed on the daily chart that the price action is forming a bullish hidden RSI divergence where price action is forming higher lows where as RSI oscillator forming lower lows, indicating a trend change and bullish move ahead.
Target 1: 1550
Target 2: 1600
Recommendation--> Buy: 1490 - Sell: 1535, 1560, 1600 - StopLoss: 1470
RSI is near 50 which will cross the 60,70 and 80 levels in 3,7 and 10 trading days
Trading sideways in the range of 4.25% (1411 - 1470 - 1530) for 3 months.
On Balance Volume constantly increasing which means accumulation is happening before next breakout.