- Stock is trading near its lifetime low.
- Also, RSI positive divergence can be seen on the weekly chart.
- A bulk deal done by FPI(erstwhile FII) for 256.48 rs.
- India is struggling with TRUST factor with some banks like PMC, YesBank etc. Keeping in mind, banks like RBL Bank, may be affected badly.
Buy Trade Setup:
- If goes above 104.7
Reason(s) for Trade:
Near the Resistance with capability to break-out
Candle size near the resistance is good
RSI is above 50+
Previous Break-out was failed ( the break-out candle's previous candle was not of good size and also RSI was in overbought zone)
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Stock saw a downside move by forming a H&S. Now, it is near to Weekly Resistance. It has formed a good sharp curve also.
We can Buy it if price goes above 1726.90.
Let's monitor it!!! :)
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LTI looks good on weekly chart and about to give break-out of trend-line resistance.
Also, lower time-frame chart shows stock is in overbought (below daily-time-frame). So, if stock halt for few days to maintain the RSI before giving break-out, it would be good for good upside move.
Let's wait for break-out and then Go LONG!!!!
On 30 minute chart , inverted Head & Shoulders pattern is forming.
If neckline breakout happens successfully then PFC can see 113.45 and then after 116.5 .
Stop-loss can be the right shoulder's low i.e. 107.40 with a small buffer.
Note:- This is a conditional Buy or Long position on inverted Head & Shoulders neckline breakout.