Follow this previous post on Rcom. I have booked 75% at 290.25 and remaining 25% at 293 as mentioned, with an average profit of 4.65%
Rcom Chart - Hourly:I think, I may be quick to book out profits early! On the retrospect view, zoom out to hourly charts, there is a nice Inverted Head and Shoulders pattern with a target of 297, which I missed to spot on time. Its shown in the above chart.
Rcom Chart - Daily:A Symmetric Triangle can also be seen in daily charts, for which volumes are not supporting enough. But as we cross Inverted Head and Shoulders pattern target, we may revisit the strength and targets for this Symmetric Triangle as entry at this levels may increase the Risk/Reward.
4 comments:
I am not sure, if you are too early to book profit. A stop loss strategy could have worked better. It has a target of 310 or 316 as minimum and a reentry at 290 levels for a possible 350 onslaught in the days to come. It all depends on a support required by a raising Nifty back to 2750 levels which is not out of cards. It depends on a probably chance for a reversal of Nifty from today.
Hi Ramani,
Most of my analysis I post on the blog is *usually* with a 7-10 days view. Your re-entry level is very good, I too re-entered at ~289.
Nice view, I really appreciate it. Thanks.
Doji
wow!
Doji, I dont know your view, if 292 is a reentry now, if one had exited at 314/315. But I feel 279/280 is a stoploss position. So looking at stop loss level and risk reward ratio, I am not comfortable with a red candle formation. For some time 285 - 316 may act as channel OR it has to break upwards of 315 for a quick way forward. However, if one waits cool, 283 is entry level with stoploss of 279, the risk reward will be great. It may have to consolidate at this range now.
Your views will be appreciated.
Hi ramani, Very nice view!
until 319 is taken out upmove would be phased. price-volume action indicate upmove is on cards.
-Doji.
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