1. Support at Rising Trendline:
The candle on the weekly chart indicates that the stock has found support at a rising trendline. This is considered a positive signal, suggesting potential buying interest and the possibility of a continuation of the upward trend.
2. RSI Signals:
The Relative Strength Index (RSI) is showing good support and positive divergence. Positive RSI divergence implies that while the stock price is making new lows, the RSI is not, suggesting potential underlying strength.
Proposed Trade Strategy:
Entry: Considering a long position at the current market price (CMP) of 335, based on the support from the rising trendline and positive RSI indications.
Stop Loss (SL): Implementing a stop loss at 323 can help manage risk and protect against potential adverse price movements.
Targets:
Target 1: 352
Target 2: 365
Conclusion:
The technical analysis suggests a bullish outlook for PRICOLLTD based on the candle finding support at the rising trendline and positive RSI divergence.
As always, it's essential to conduct thorough research, employ risk management strategies, and consider seeking advice from a financial advisor before making any investment decisions. Market conditions can change, and a cautious approach is recommended.
The candle on the weekly chart indicates that the stock has found support at a rising trendline. This is considered a positive signal, suggesting potential buying interest and the possibility of a continuation of the upward trend.
2. RSI Signals:
The Relative Strength Index (RSI) is showing good support and positive divergence. Positive RSI divergence implies that while the stock price is making new lows, the RSI is not, suggesting potential underlying strength.
Proposed Trade Strategy:
Entry: Considering a long position at the current market price (CMP) of 335, based on the support from the rising trendline and positive RSI indications.
Stop Loss (SL): Implementing a stop loss at 323 can help manage risk and protect against potential adverse price movements.
Targets:
Target 1: 352
Target 2: 365
Conclusion:
The technical analysis suggests a bullish outlook for PRICOLLTD based on the candle finding support at the rising trendline and positive RSI divergence.
As always, it's essential to conduct thorough research, employ risk management strategies, and consider seeking advice from a financial advisor before making any investment decisions. Market conditions can change, and a cautious approach is recommended.
Comment:
Target 1 Done.
Trade closed: target reached