Introduction:
The stock price of SIYARAM SILK has been in a downtrend for the past few months, but it has recently started to show signs of a reversal. A trend line has been drawn connecting the recent swing lows, and the price is currently testing this line. If the price breaks above the trend line, it could signal the start of a new uptrend.
Analysis:
The MACD indicator is also bullish, with the MACD line crossing above the signal line. This is a sign that momentum is starting to shift in favor of the bulls. The RSI indicator is also in the oversold region, which suggests that the stock is due for a rebound.
Trading Idea:
A long trade could be entered on a break of the trend line. The stop-loss order should be placed below the most recent swing low. The target price could be set at the previous resistance level, which is around INR 570.
Conclusion:
This is just a trading idea, and it is important to do your own research before making any trades. However, the technical indicators suggest that SIYARAM SILK is poised for a rebound, and a long trade could be a profitable way to play this move.
The stock price of SIYARAM SILK has been in a downtrend for the past few months, but it has recently started to show signs of a reversal. A trend line has been drawn connecting the recent swing lows, and the price is currently testing this line. If the price breaks above the trend line, it could signal the start of a new uptrend.
Analysis:
The MACD indicator is also bullish, with the MACD line crossing above the signal line. This is a sign that momentum is starting to shift in favor of the bulls. The RSI indicator is also in the oversold region, which suggests that the stock is due for a rebound.
Trading Idea:
A long trade could be entered on a break of the trend line. The stop-loss order should be placed below the most recent swing low. The target price could be set at the previous resistance level, which is around INR 570.
Conclusion:
This is just a trading idea, and it is important to do your own research before making any trades. However, the technical indicators suggest that SIYARAM SILK is poised for a rebound, and a long trade could be a profitable way to play this move.