RECL : break above h&S pattern on monthly chart.
RECL had given break out of H&S pattern on monthly chart. Monthly chart are to be read as longterm view. Views on RECL are for next 6 month.
Recl after giving life time high of 167 on May 2017, had corrected to Rs 60 in march 20. Till October 202 it retraced 0.382 Fibonacci level two times Makig it double top. From Oct 21 till May 22 it retraced to 83,which is 0.382 of move from 60 to 126. In April 23 it finally broke resistance of 126 which was double top and went up to 144 there by treading abovr neck of I verted H&S pattern. Target is calculated distance from head to neck and is added to neckline value which is 60 point added to neckline value which is 126+60 = 186. AS per Fibonacci target is placed at 168 ( 1.618 extention value.).
WHEN TO BUY.
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On monthly chart candle stick pattern is indecisive. 20 da Ema is at 107 and neck line is at 126. So one can buy now and add at q26 and 116. Risky investors can buy at current level as yesterday it went up with volume.
This stock are for investment purpose , and not for trading.
Recl after giving life time high of 167 on May 2017, had corrected to Rs 60 in march 20. Till October 202 it retraced 0.382 Fibonacci level two times Makig it double top. From Oct 21 till May 22 it retraced to 83,which is 0.382 of move from 60 to 126. In April 23 it finally broke resistance of 126 which was double top and went up to 144 there by treading abovr neck of I verted H&S pattern. Target is calculated distance from head to neck and is added to neckline value which is 60 point added to neckline value which is 126+60 = 186. AS per Fibonacci target is placed at 168 ( 1.618 extention value.).
WHEN TO BUY.
------------------------
On monthly chart candle stick pattern is indecisive. 20 da Ema is at 107 and neck line is at 126. So one can buy now and add at q26 and 116. Risky investors can buy at current level as yesterday it went up with volume.
This stock are for investment purpose , and not for trading.
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