Cup Pattern - Red TapeCup Pattern Formation observed in NSE:REDTAPE in Daily and weekly
Technical Parameters
RS(Nifty) - Positive
RSI > 50
Entry: 810
Target: 900
SL 1: Super trend (10, 3)(Exit Half)
SL 2: RS NEGATIVE (EXIT HALF)
REDTAPE trade ideas
TRADE IN A RANGE....NSE:REDTAPE trade at 800 level. Stocks trade in an uptrend channel since last 1 year. You can watch for as a next resistance at 950 level.
Red TapeHas given a weekly breakout and at the Gann time transition level which shows a significant upwards rally towards the blue levels marked on the chart
SL DCB 769
Red TapeHas given a weekly breakout and at the Gann time transition level which shows a significant upwards rally towards the blue levels marked on the chart
SL DCB 769
Price at Supply zoneGood volume buildup in daily and weekly time frame.
All higher low are intact.
Price at supply zone wait for conformation.
Fundamentals are good.
FII & DII stakes are up.
Speculation: 1️⃣If Bangladesh economy remains unstable for long time, price may reject supply zone.
2️⃣Wedding season started.
NOTE: I do my analysis, do yours before trade.
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BUY REDTAPEREDTAPE looks good above 462
A good ipo-base setting up, can do well if sustains 460 levels
with a SL of 4%
