REC 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.
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.