RSI: showing divergence (showing bearishness)
also price is trading near 21 EMA, filling up gap (price & EMA). IF price closes below EMA 21 and also closes below trend line..stock will break
Torrent Power has been trending higher recently following the general market trend. After forming a low at 230-240 levels it is again at its 2 month peak zone. The yellow lines are formed based on Daily time frame and the green line is for the Hourly time frame. The lines showcase the area of Support or Resistance.
It gave a breakout twice from the Triangle...
Based on Market sentiment there is a long bias being observed in the stock. Daily key levels are marked with the blue breach of which can initiate a fresh trend. While the yellow zones are respectively the immediate demand and supply zones. Constricted CPR suggests a strong trend in the following trading session. Lastly, the volume squeeze seem ready to be...
Daily Chart Observations
Point no.1-Resistance–
1) Previous swing high resistance.
2) Trend line resistance.
Point no.2-Support-previous swing low support. Now the price has broken the support area.
Point no.3-Rounding Bottom Pattern– Bearish Pattern
Point no.4- Double top Chart Pattern – Two tops at the resistance area.
Point no.5-Breakdown–
1) Price breaks the...
SHORT TORRENT POWER
CONDITIONS
1. PRICE SHOULD BREAK 294
2. THEN PRICE SHOULD GO NEAR TO 300
SHORT AT 300-305 (OBSERVE 1HR CANDLE)
FIRST TARGET 277 ... SECOND TARGET 266
STOP LOSS 313.25
USE TRAILING STOP LOSS THEREAFTER
ONE TO TWO WEEKS TRADE. THESE ARE SPOT PRICES.
ALL THE BEST
NOTE: ABOVE TRADE IS FOR EDUCATIONAL PURPOSE. PLEASE CONSULT YOUR ADVISOR.
NSE:TORNTPOWER BSE:TORNTPOWER While this is a expanding ascending wedge, but i have a conviction this will not breakdown rather breakout..
1. excellent management team with good earnings n growth and diversified power generation with distribution, but i would rather not discuss the fundamentals here..
2.the ML of pitchfork has not been broken for the past 2 years...
