Observe the Resistance and support lines formed drawn on line. Closer to resistance line so most probably goes downm. Wait till support likne is reached and if i9t bounces back then take the trade and book at resistance.
The resistance line and support lines are clearly drawn and they are well respected.
Stock is In slight Uptrend.
Price is near Support Level after retested.
So Buy now at CMP.
Sell at Resistance Line (You decide the price)
Stop loss is below the Support Level (Check chart and put your own SL price)
Check if the resistance breakout becomes the support line by waiting for retest.
if retest is successful then this stock will rise till the new resistance line (RED colour)
So Now just its waiting game to check if retest happens.
Its also possible that stock might directly move to new resistance line.
Note that the volume is good. So if you wanna take lil risk...
As you can see on the chart, the price is near 2 resistance lines. Sop the price is gonna drop.
So wait and keep monitoring this stock price to reach resistance level (Green Line) and then Buy.
Hold it till it reaches resistance again and then sell off and book profits.
This is just for swing trade and not for investment.
Morning star is formed but near resistance line. So trade will most probably come down.
If stock crosses the resistance line then wait till retest and then buy.
Else if stock comes down then wait till it comes to support line and then buy there and sell at resistance.
Good for swing trade
Reasons to Buy: Morning start pattern has formed and if you check in history of this stock, whenever the morning star pattern is formed, the stock has always gave bullish candle the next day.
Resistance dictates the first target to be 1.65 Rs.
Buy at 1.55 Rs.
Stop loss at 1.45 Rs.
I understand that Risk to reward ration is not good but still the risk is very unlikely.
Blue support line now turned into Resistance line
Swing Trade possible.
Currently Price is near Support line.
Also seems like Morning star pattern will form.
Buy tomorrow @mkt price say 243Rs
Stop Loss: 230Rs
See that in long term the stock is in Downward trend and short term its in upward trend.
A w shape formed at end and trend reversal is a possibility. Still since thr price action is at the resistance line, its advisable to sell the stocks tomorrow and then keep a watch. when support line is reached buy again. For now do swing trade here and once the downward...
Even though people say to buy this stock to see short range, don't fall for trap. The stock is in a big downtrend movement and the rise u see is just a correction. Since the Market is bit bullish,the correction is seem to stretch. But this price will fall again soon. so don't buy this stock as per technical analysis
Note below points:
1) The long downward trend is broken and up trend seems to have started.
Morning star pattern is marked indicating rise is stock price. So definite buy.
MACD and RSI also indicate buy.