Here, in the chart you can see how strongly it has approached previous resistance.
Note :
All my charts are for informational / educational purposes only .
I post ideas to share interesting setups forming in the market that might lead to generating new trading ideas for fellow traders and myself.
No buying or selling recommendations will be given or...
RECLTD is close to complete 5 wave structure started in early 2016. Ideally stock should reverse in 160-165 zone.
IF we look inside the 5th wave, the subwaves indicate that wave 5 is close to completion
Simple classical Channel short trade is possible. Stop Loss above the high made recently and target is open depending upon the patience of the trader however the target of Fib .618 to .786. level seems to reach quite easily.
It is been observed on daily chart that the price action previously formed a long big red candlestick indicating seller dominance in the price action who are pushing the price down. Today, it is also observed that the price action opens up high but the seller dominance put the prices down again, indicating further bearishness and dipping of prices.
Target:...
Price has been making a smooth progression of higher tops and bottoms in the daily chart. As long as the support lines hold, I would expect a rally to the recent highs at 190+
