On daily time frame, double bottom is being experienced but there is no divergence on RSI.
Therefore, price action may either reverse to go upwards or may continue downward trend.
Buy after confirmation of reversal and confirm closing of Green candle.
Therefore, price action may either reverse to go upwards or may continue downward trend.
Buy after confirmation of reversal and confirm closing of Green candle.
Note
Price action has broken the Support 1, and has bounced after testing the Support 2. However, now Support 1 may act as Resistance by pushing back the price down. Therefore, hold your horses and wait till price actually crosses this resistance then Initiate buying at Rs 270. Keep an eye on candles closing. Do not fall prey to FOMO (fear of missing out).
As a bit longer term strategy, be ready to book profit of half of the shares by Selling once price reaches Rs 315. It may come down from there till Rs 290. Buy once it comes down and shows yet again a reversal to Bullish.
On the other hand, if price action continues to break through 315-326 zone then enjoy the ride and book profit of remaining at around Rs 370.
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.