Tirupati Sarjan Ltd#stocks #investing #swing #trading #technical #RSI #candlesticks
Key Points:
1. Support at ₹15-16: The stock has shown strong support at this level, as evidenced by multiple bounces. This suggests that buyers are stepping in at this zone, making it a crucial level to watch.
2. RSI Crossover with 14 EMA: The crossover of RSI above the 14-day EMA is a bullish signal, indicating increasing momentum. If the RSI continues to rise, it could suggest further upside potential.
3. Weekly Hammer Pattern: The hammer candlestick pattern on the weekly chart is often a bullish pattern, especially forming at support levels. It signifies that buyers are rejecting lower prices, which could lead to further price appreciation.
4. Resistance at ₹20-21: The resistance zone around ₹20-21 is an important hurdle. If the stock breaks through this resistance with volume, it could signal a breakout and lead to higher levels.
5. Stop-Loss: If the stock breaks below ₹15, it could invalidate the bullish outlook, and further downside may follow. Hence, view will be neglected if price breaks below ₹15.
Strategy:
• Bullish Bias: As long as the stock holds above ₹15, the technical indicators suggest a bullish view, with potential upside towards the ₹20-21 resistance zone.
• Breakout Watch: A close above ₹21 could trigger further bullish momentum, opening the door for higher targets.
• Risk Management: Set a stop-loss below ₹15 to protect against potential downside in case the support breaks.
NOTE: This is a risky trade/analysis considering it’s a penny stock. Penny stocks can be highly volatile, illiquid, and subject to significant price fluctuations. Do your own due diligence and assess your risk tolerance before investing.
