FCCL - Daily TF
Currently trend is in uptrend. AB=CD harmonic pattern has been drawn which indicates that PRZ is close, and price may reverse after testing Rs 27.70 to Rs 28.45 zone values. Hidden Bullish Divergence has already caused a pump in the price. RSI indicator also suggests that momentum is highly bullish and is going to put market in oversold condition shortly.
Historically it retraced to 0.618 level. Therefore, once again it is expected to retrace back to 0.618 level which expectedly will be Rs 22.80 .
Trade Values:
One can buy on dip around 25.50 with TP at 27.50.
Then Either take SHORT (Sell) trade on reversal or wait till traces back to Rs 22 and then again buy it.
Currently trend is in uptrend. AB=CD harmonic pattern has been drawn which indicates that PRZ is close, and price may reverse after testing Rs 27.70 to Rs 28.45 zone values. Hidden Bullish Divergence has already caused a pump in the price. RSI indicator also suggests that momentum is highly bullish and is going to put market in oversold condition shortly.
Historically it retraced to 0.618 level. Therefore, once again it is expected to retrace back to 0.618 level which expectedly will be Rs 22.80 .
Trade Values:
One can buy on dip around 25.50 with TP at 27.50.
Then Either take SHORT (Sell) trade on reversal or wait till traces back to Rs 22 and then again buy it.
Note
After hitting TP, price crossed the resistance zone quite easily and now trading at 35.27. Therefore, now it is not likely to retrace back to 22. However, now new support zone of 32.50 to 33.50 may be tested; one can take Buy entry then. Cheers
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.