Torrent Power (Range Bound or Ready for a Breakout ?)
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 formation only to retrace back, However to support the bullish sense the price has been making Higher highs and Higher Lows. It stands at a juncture where it might make or break the ongoing trend.
After a Quiet day today the CPR is meant to contract for the following day i.e Friday and same will be the case with Indices, So a certain trending day can be expected. And if that would be the case we can expect Torrent Power to give strong moves. An Open above tomorrows CPR would be a supporting signal for the Bulls.
However the MACD has just broken towards the downside of its trend line which might a thing to watch in trade tomorrow.
Taking the recent volatility into consideration and the wild moves that Torrent Power has given which side will you be looking to bet on tomorrow ?
It gave a breakout twice from the Triangle formation only to retrace back, However to support the bullish sense the price has been making Higher highs and Higher Lows. It stands at a juncture where it might make or break the ongoing trend.
After a Quiet day today the CPR is meant to contract for the following day i.e Friday and same will be the case with Indices, So a certain trending day can be expected. And if that would be the case we can expect Torrent Power to give strong moves. An Open above tomorrows CPR would be a supporting signal for the Bulls.
However the MACD has just broken towards the downside of its trend line which might a thing to watch in trade tomorrow.
Taking the recent volatility into consideration and the wild moves that Torrent Power has given which side will you be looking to bet on tomorrow ?