REC looking bearish nowREC is looking bearish now. It has reached the top of the parallel channel. It is expected to start declining from here all the way to the bottom end of the track, it has been travelling into for over the years.
Recltdstockanalysis
Flag Pattern breakout possible, Positional The scrip was witnessed a good bounce and now its registering some consolidation and the pattern is looking like a flag on a pole. Also price bouncing from 50% retracement of previous move. keep the scrip in radar
REC LTD - BULLISH CONTINUATION | 5-7% UPSIDE POTENTIALREC LTD is trading in an uptrend with consistent Higher Highs and Higher Lows.
From past few days, price was falling and retraced till 128-127, which in past was a resistance area.
As of now the price is retesting the resistance area as new support, and I expect a bounce from here as trend is UPTREND.
On Daily Timeframe, we can spot a Morning Star Candlestick Pattern which is a Bullish Reversal Pattern. This pattern gives us a confirmation that broken resistance is now being held as support and now price may bounce and go high. (but no confirmation is guarantee)
Also, on 1Hour Timeframe, we can spot a Double Bottom pattern which was broken out and retested as well, which is another confirmation to initiate a buy.
TRADE EXECUTION:-
Entry- around 130.8
Stop Loss- Below 127.5
Target- 137
Let me know in comments section if you want me to analyse any other Stock, Index, Forex Pair, Commodity or Cryptocurrency.
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING.
Flag Pattern Channel BreakoutStock Analysis: Recltd has formed flag pattern it is good buy around current level however it is expected to see bigger movement when it is cross the supply zone with given demand level as stop loss for the given target and percentage on the chart. Let's see
Happy Investing!
