Is Powergrid a good buy?
I was scanning the stocks through the gainers and losers list today, and the stock that took most of my attention is the Powwergrid.
Why? Let me tell you, the first and foremost reason was: the stock went above its all-time high today, though couldn't close above it, but it did make a new high today.
Second: Price Action on All timeframes are in alignment, all pointing in one direction.
Third: RSI is above 60 on daily weekly and monthly charts.
All these parameters, suggesting that we could see a good move in the upside in the stock..
The range i could see for the short term is 225-210, in which stock could consolidate.
Conclusion : Sustaining above 210 levels, stock could see 270 levels in the coming weeks/months.
Type of Trade : Positional, Breakout
Why? Let me tell you, the first and foremost reason was: the stock went above its all-time high today, though couldn't close above it, but it did make a new high today.
Second: Price Action on All timeframes are in alignment, all pointing in one direction.
Third: RSI is above 60 on daily weekly and monthly charts.
All these parameters, suggesting that we could see a good move in the upside in the stock..
The range i could see for the short term is 225-210, in which stock could consolidate.
Conclusion : Sustaining above 210 levels, stock could see 270 levels in the coming weeks/months.
Type of Trade : Positional, Breakout
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