We may expect some direction either side upon breakout of the wedge, long side need to break resistance line 16170 to be confident on long side and next strong resistance would be 16800. While downside breakout can lead to 15173 and even more based on global cues.
Market has been very volatile and moved within the previous day range. With the last hour short cover, double bottom formed in 15min chart and weak breakout happened with the neckline. The last hour bullish trend may continue tomorrow if the global cues are positive or neutral. Thus, it is expected to be bullish if it is opened above present day high of 35770.
Long position opportunity for minimum 10% gain. Swing Up with Fibonacci Support (38.2% retracement) and previous levels support line.
Entry = 367
SL = 348.5
Target = 407.9
Double bottom & three green soldiers formed which indicate trend reversal towards upside. In addition, RSI divergence also formed adding more probability towards upside.
Entry: 466.1
SL: 415.6
Target: 509.7
Target-2: Trail
Bullish RSI hidden divergence formed. Currently scrip is in up trend.
Entry: 587.5
SL: 570.4
Target-1: 637.5
Target-2 can be trailed with 50% of initial position.
Trend reversing, moving upside for recent down trend. RSI divergence formed 3 weeks back which supporting the trend reversal. Higher highs and lower lows are also forming. May be it will be good to enter after crossing 50ema of 564.0 for additional confirmation of trend reversal.
Hammer with good volume formed on 15FEB but not gone well upside and we can see good large candles with very good volume trying to push price upside. Besides RSI bullish hidden divergence also adding more probability towards upside.
Entry: 377
SL: 355
TGT-1: 452
TGT-2: 500
Breakout occurred and retest in progress as the scrip is currently retracing towards breakout line. Probably Metal stocks can see rise in the coming days
