Power of Inside Bar - Cingniti Tech
Updated
Inside Bars if used wisely, can give us astonishing results in Trading.
Let's understand this scenario.
Stock Name - Cigniti Tech
After 20th Feb 2023, on D TF, this counter merely had any move! More or less it had inside Bars with totally squeezed close prices compared to earlier close. if you observe, closing prices are getting squeezed day by day with drying up sales volume. This indicates sellers are loosing control & buyers ay pitch in!
Following are reasons for my Long view -
1. Stock is in Up Trend.
2. Stock prices are above 200 EMA
3. 10 & 20 EMAs are above 200 EMA.
4. RSI has crossed 55
5. Nifty IT index is in uptrend, so sectors is booming.
So my entry would be on crossover of high of 7th Feb. Same setup & logic can be applied while entering stock on 3rd March, as its crossing previous high of 2nd march for a quick move on upside.
Let's understand this scenario.
Stock Name - Cigniti Tech
After 20th Feb 2023, on D TF, this counter merely had any move! More or less it had inside Bars with totally squeezed close prices compared to earlier close. if you observe, closing prices are getting squeezed day by day with drying up sales volume. This indicates sellers are loosing control & buyers ay pitch in!
Following are reasons for my Long view -
1. Stock is in Up Trend.
2. Stock prices are above 200 EMA
3. 10 & 20 EMAs are above 200 EMA.
4. RSI has crossed 55
5. Nifty IT index is in uptrend, so sectors is booming.
So my entry would be on crossover of high of 7th Feb. Same setup & logic can be applied while entering stock on 3rd March, as its crossing previous high of 2nd march for a quick move on upside.
Note
Same Set up applicable for Powermech Daily Chart. Nice move after inside Bar near EMAs.
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