Deepakfert is looking ready for an upmove. It has bounced after taking support thrice from a strong trend line. It has also broken out from downtrend. RSI is now above 50 which also gives the same signal. The stock looks strong if it gives a closing above 650-660 levels which is its 30 DEMA for about 10% upmove.
THis is my personal analysis only for educational purposes.
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Took resistance from 660 levels. Keep in watchlist.
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Formed a double top at 660 in 1 hr time frame but has given a good closing today. Above 662, stock might move well in intraday.
It should come down to 527 levels from here as i see the Downtrend continuing.
tradewithamey_
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@mehtasahil Please check the latest comment. In smaller TF, stock is still not looking bearish and hence, trend can be confirmed with tomorrow's price action.
mehtasahil
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Even i checked the same in the morning but didn’t noticed volumes coming
👍 Nice analysis! It's great to see that you are keeping a close watch on Deepakfert's movements and technical indicators. The bounce from the trend line and the breakout from downtrend are definitely positive signs. 💪📈
I agree that a closing above 650-660 levels would be a strong indicator of an upmove, and it's interesting to note the potential for a 10% increase
tradewithamey_
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@Kapil-Mittal, Thanks! If you see on the chart, the next strong supply zone is near 720 levels and hence I feel it can move 10%.