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.
REDTAPE trade ideas
REDTAPE LTD S/RSupport and Resistance Levels:
Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline.
Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down.
Breakouts:
Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold.
Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying.
20 EMA (Exponential Moving Average):
Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum.
Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum.
Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set.
Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward.
Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop.
RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory.
Combining RSI with Support and Resistance:
Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal.
Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset.
Disclaimer:
I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
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)
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.
Eat🍜 Sleep😴 TradingView📈 Repeat 🔁
BUY REDTAPEREDTAPE looks good above 462
A good ipo-base setting up, can do well if sustains 460 levels
with a SL of 4%
