If we see the daily chart of Rpower (time frame - 9 months), it has made an inverted HnS (Head and Shoulder) pattern. A close today at 159.30, way above the break-out point at 155.50 approx, supported by higher than avg volumes confirms the pattern.
Daily momentum indicators, RSI and Stochastics are positively diverged, whereas MacdH is exhibiting strength.
On the weekly charts, above 153, Rpower has breached a 6 month long trendline, which also looks like an inverted HnS pattern co-incidentally. Again supported by strong and positive RSI, and MacdH. Though Stochastics is slightly in the OB zone, yet is positively diverged.
The target as per the inverted HnS patterns on daily as well as weekly come to around 187-190. Time frame should be approx 2 months.
Accumulate the stock for a target of 187-190. Happy trading !!!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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sir can i know how 2 do technical analysis from u.
ReplyDeletecould u help me with the same.