BSOFT trade ideas
Birla Soft -- BullishPrice is near its 52wk high, facing stiff resistance. Price may consolidate here for sometime before moving higher. Volume is good compared to the past few days. Stock had moved 10 points from its previous breakout, still stock has potential to move further if it sustains support zone and break its 52wk high. EMA crossover for the shorter period is another good point.
Stock has long wick in weekly candle which concerns as there is reduction in demand,but wait for this weekly candle to finish to arrive at any conclusion.
BIRLASOFT : Following a strong trend to next earning callMy first analysis ever, please be gentle :)
There are 4 forces at play -
1. Strong trend line starting from mid-march when lockdown began in India
2. Upcoming earnings call around Jul 22
3. Previous resistance around last earnings call
4. 50 DMA & 200 DMA show long position is beneficial
Summary:
BIRLASOFT is moving strongly along a support line building up to its next earnings call. It might be able to sustain the momentum up to 95-98 range.
If it crosses, 98 then target at Feb 2020 resistance at 103.
Target 1 : 95 (Jul 22)
Target 2 : 103 (Aug 2020)
Please do note that stocks dip significantly a day or two before results as traders going long try to buy on the cheap so be careful if you decide to go this route.
Note: Not a financial advisor. Just someone who's been observing the markets for a while now.
BIRLASOFT (INDIA) LTD - Trading above Last Supply!!BIRLASOFT (INDIA) LTD
BSOFT gave a breakout above the SUPPLY ZONE in the Hourly chart and had faced some resistance from the top.
RSI is still Bullish.
****TE BANDS are BULLISH****
Once it brakes the high of the last day, the stock will swiftly move to 86.40.
Next Resistance - 86.5 & 91
Nearby Support - 79
#tradingedge_academy #SMTA_institute
***this is my personal view. Please take advice from your financial advisor before investing.
BirlaSoft Price Action With volume.EMA 20 cross over EMA 50
expected Upside move
Stop Loss:73
Target 1-85-87
Target 2-94-98
BSOFT Inside Bar TradeLong if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
BSOFT Short Setup [Intraday]NSE:BSOFT Short at 74.30 with SL at 75.05 and TP at 72.75.
Note:
Consult your registered adviser before taking any decision.
Always risk 1% of account size per trade, adjust the position size accordingly.
BSOFT inside bar trade Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed in first 5 minutes and follow ORB strategy.
