ACC Limited
Trend on the daily chart is uptrend with a support at the 1800 levels. RSI is above 50 too which means that it is in the bullish region and I am unable to find any sure shot bearish signal here.
Hourly charts on the other hand doesn't look good in the first go. The black lines are the uptrend range which has been broken at close today. But we can also see that the resistance where a double top pattern was made has been broken on the 4th of March 21. ACC has been resisting the 1807 levels since January this year and made a high of 1894 after it broke free. I will consider the candle breaking our trend as some glitch and will still consider ACC on an uptrend.
There has been a slight uptrend since 4th March 21 and the close today has respected an uptrend as well. This could be a form of symmetrical triangle which is a bullish pattern but the move might be slow.
The data shows that ACC has strength so I will let my gut feeling say that we should buy ACC for a short-term trade. The stop loss can be maintained below 1800 and the targets can be 1850 followed by 1870 in a span of a week.
Trend on the daily chart is uptrend with a support at the 1800 levels. RSI is above 50 too which means that it is in the bullish region and I am unable to find any sure shot bearish signal here.
Hourly charts on the other hand doesn't look good in the first go. The black lines are the uptrend range which has been broken at close today. But we can also see that the resistance where a double top pattern was made has been broken on the 4th of March 21. ACC has been resisting the 1807 levels since January this year and made a high of 1894 after it broke free. I will consider the candle breaking our trend as some glitch and will still consider ACC on an uptrend.
There has been a slight uptrend since 4th March 21 and the close today has respected an uptrend as well. This could be a form of symmetrical triangle which is a bullish pattern but the move might be slow.
The data shows that ACC has strength so I will let my gut feeling say that we should buy ACC for a short-term trade. The stop loss can be maintained below 1800 and the targets can be 1850 followed by 1870 in a span of a week.