Trade idea for cummins indiathere is bullish divergence on daily time frame with falling wedge so expecting a bearish test to that downtrend line placed above it.
CUMMINSIND trade ideas
Cummins India - BUY - Short TermHi
This is for a short term buy.
It seems Cummins India is a short term buy above 564.80, with a SL of 544 and targets around 600/620.
The Risk Reward ratio is around 1:2 & 1:3.
MACD is showing divergence on daily chart and has given a buy signal.
RSI is nearby 50 and is in with sync with the up-moves as of now.
So with this small SL in mind, we can initiate longs.
Cumminsind - Clash of PatternsA Neat descending Triangle in Cumminsind indicates indicates selling, since a descending triangle is a sell pattern.
But the Price flow in this Chart indicates that the price is Strongly rejecting any new Lows at 550 (Round Number Support) which indicates incoming Buying pressure around this area.
Also, we see a Break out of the Triangle, giving a slight edge to Buyers.
PRICE AT SUPPORT buy @ 588.50
sl 554
target- no upper target trail the profit
REASON FOR BUY
1.PRICE TAKING SUPPORT THE LONG TERM TRENDLINE AND
2. PRICE IS HOLDING THERE FOR MORE THAN 3 WEEKS SHOWS THE SIGN OF REVERSING
only for education purpose onlyprice forming lower low and rsi forming higher high
sell@ 757
sl@ 788.75
tgt trail
CUMMINS INDIA Short Term Positional# Short Term Positional Cash
Buy above 775, SL 729
Targets 800-820-840
# SwingRev
* For education purpose only
