SPENCERS has given Inverted Head n Shoulder pattern breakout around 75-76 resistance levels.
Price momentum is strong along with good volumes.
Looks like trend reversal in the stock after long time. Looks good for long.
Target: 100+ and beyond
SL: Daily candle close below 75
Long entry can be taken in Spencer. The Stock has BO the 50 & 200 EMA levels with strong volume. RSI divergences too moving. This is for your educational purpose only.
DON'T HAVE TIME TO MANAGE YOUR TRADES?
- Take BTST trades (high momentum stocks) at 3:25 pm every day
- Try to exit by taking 4-7% profit of each trade
- SL can also be maintained as closing below the low of the breakout candle
Now, why do I prefer BTST over swing trades? The primary reason is that I have observed that 90% of the stocks give most of the...
Reason for long
a) HSP for long
Positional trade
b) Good engulfing candle
SL compulsory
Duration 10 days
Most of the consumer sector is growing like Dmart, vmart, hence there is probability of spencers also to grow
Long Term Swing Call is Active When Buy Point Comes, Definetly Buy above the buing level its has showning trendline breaks, has support of 50 MA, Has Support on RSI. 3 reasons to go long.
Sustained breakout above resistance level in 4h timeframe signifying potential of sharp upward movement in Spencers. Entry at 128.80 & stop loss at 113 with risk reward 1:2 may be good trade.
SPENCERS has been moving in a Parallel Channel from April 2020. It has reached the Resistance Trend line.
Keep on the look out for a Break and Retest of this level for a Target of 119.
