UPL Double Bottom & RSI Divergence

٢٤ يونيو ٢٠٢٣

According to the daily chart, UPL has formed a double bottom pattern near a significant support zone. Notably, while the price made a double bottom near the same level, the Relative Strength Index (RSI) recorded a higher low, indicating a bullish divergence in the RSI.

Entry:

We can go long after the close of a strong bullish candle near the support zone.

Stoploss:

We can keep the stop loss below the support zone with some buffer.

Target:

We can keep the target near the next resistance zone as marked on the chart.

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