RSI moving above 60, Bulls in control
MACD Bullish crossover completed
EMI 9,21 Cross completed
Potential Hidden Bullish Divergence in chart as well.
Seems like there might be some upside potential here.
For the purpose of demonstrating how one can identify a trend change using Support - Resistance and Price Action, I have taken the daily chart of IEX. I had also identified and posted about it before the recent rally.
The first step is to establish a clear support and resistance line. In case of a breakout, I like to keep my target at around the same price...
Toggling between numerous stocks can be tiresome. Using a strategic method to identify potential set ups can save your time and deliver amazing results!
In the above chart,
I first noticed that the price was around its support. It can be confirmed by seeing the previous price swings that the support is well tested.
Next I look at the MACD to confirm if the...
In the chart above, we can see that the trend resistance and support lines are well established, from where prices have bounced and retreated from on multiple occasions.
After a decent recent pullback, we find the Exponential Moving Averages looking up again, almost ready for a Bull Cross.
I personally prefer 9,21 Days EMI for trading in a short time frame of...
For the purpose of explaining the combined use of these indicators,
I have taken the example of TCS - TATA CONSULTANCY SERVICES, which recently gave a clear breakout.
Know your Lines! - By joining the recent highs and recent lows of a share price, we can identify if the share has a well tested Support & Resistance or not. I prefer those with a clear defined...
Keep a watch on RSI and MACD levels, and as long as the price sustains above white trend resistance, upside movement is expected. It will also confirm a Double Bottom pattern which can alleviate price to good upside levels.
This is the first time I am trying Harmonic Patterns, and since we are betting against a very bullish market, I have by doubts.
However, the price fell from a well tested Resistance Trend Line, and the RSI is also slowly falling down from the Overbought region. I have kept a close stop loss just above the recent high. Fingers Crossed.
Automobile sector is already suffering from semiconductor chip shortage in general. The latest 200 Cr Fine by Competition Commission of India on Maruti Suzuki definitely doesnt help the company. I have used Fibonacci Pivot Points to set a target - Take 70% at S2 and Rest 30% at S1, The Stop Loss has been set at the recent high candle.
This is not...
Marico is one of the big names in FMCG sector. Last week ended on a very bullish note for FMCG in general with HUL, Nestle, Brittania all being Nifty Top Performers.
Marico seems to have confirmed a clean breakout above a falling wedge with good volume. RSI, MACD and SCHT Indicators seem Bullish as well.
Stop Loss is kept at the bottom of our last day candle to...
Bajaj Finance has been a green bull ticker for the past 3-4 days and broken out of an Ascending triangle channel with good volume
Moving Averages looking up, and MACD also under check.
However RSI is at 70 and can be waited for a trading session to see if it cools down.
Stop Loss is kept tight to avoid much downside at the bottom of the 2nd last candle.
Reliance has been range bound for a long time now, the recent news of Saudi Aramco getting closer to finalising the 20% equity buyout deal has shown some upside on the share price. It would be interesting to see if the price can break out of the resistance now.