Stock is currently testing a strong resistance zone around ₹5649, which has previously acted as a supply area. Despite bullish momentum, the RSI is showing bearish divergence, as marked by red arrows, each price high is not supported by a higher RSI peak.
🔍 Key Observations:
Price is at previous swing high zone.
Bearish RSI Divergence indicating possible momentum loss.
Volumes are not confirming a breakout yet.
Risk-Reward setup looks favorable for short-side trade if rejection seen.
🧠 Plan:
Watch for price rejection at this level.
Short below ₹5580 with SL above ₹5650.
Potential target around ₹5150-5200 zone (previous support).
🕵️♂️ Wait for confirmation candle before entry. This setup is ideal for short-term positional traders with strict risk management.
🔍 Key Observations:
Price is at previous swing high zone.
Bearish RSI Divergence indicating possible momentum loss.
Volumes are not confirming a breakout yet.
Risk-Reward setup looks favorable for short-side trade if rejection seen.
🧠 Plan:
Watch for price rejection at this level.
Short below ₹5580 with SL above ₹5650.
Potential target around ₹5150-5200 zone (previous support).
🕵️♂️ Wait for confirmation candle before entry. This setup is ideal for short-term positional traders with strict risk management.
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.
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.