HDIL - Bouncing off strong support
HDIL (NSE) for some time is trending in a rectangle and currently at a very strong support zone. It seems to be bouncing off it. It a good opportunity to go long. I am waiting for 1 day candle to close above 52. RSI shows a reversal however MACD is yet to cross over.
Three things to keep a note of-
1 day candle closes above 52.
MACD crossing over
RSI showing uptrend
If these three fall in place we have a good confirmation.
Enter trade between - 52 and 56
Profit target - 65
Stop-loss - 48
Also note, the stock has been trending in the rectangle for almost 6 months. If it breaks out in the downside then you can go short and take profit at 40. And if it breaks out on the upside then the target would be 86.
Please do your own analysis and enter trade.
I am always open to feedback.
Three things to keep a note of-
1 day candle closes above 52.
MACD crossing over
RSI showing uptrend
If these three fall in place we have a good confirmation.
Enter trade between - 52 and 56
Profit target - 65
Stop-loss - 48
Also note, the stock has been trending in the rectangle for almost 6 months. If it breaks out in the downside then you can go short and take profit at 40. And if it breaks out on the upside then the target would be 86.
Please do your own analysis and enter trade.
I am always open to feedback.
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