RECLTD - Downside target of 420 is Open
Script: RECLTD
CMP: 491
TF:90 Minutes
With today's move, RECLTD has done the following:
- Broken down from the Symmetrical Triangle - Pattern target is 85 points
- Broken the 200 DEMA decisively after multiple attempts
- Closed below 500 (multiple attempts to close below 500 have failed in the past)
- Broken 484 support
- Trading below 20 WEMA for several weeks now
- Trading below the cloud, Baseline and conversion line
- 20 MEMA is placed at 420 levels.. If we dont close above 540 by end of Nov, most likely we will hit 420 in Dec
- Taking support at the Weekly SuperTrend for now. Hoping for it to break and close below it (480) on weekly TF
- 200 Period EMA on 90 minutes TF poses a strong resistance
(tradingview.com/x/cyex2uwc/) Currently it is placed at 530. So any pullback to 530 level is a blind sell, unless or otherwise the candle closes above
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
CMP: 491
TF:90 Minutes
With today's move, RECLTD has done the following:
- Broken down from the Symmetrical Triangle - Pattern target is 85 points
- Broken the 200 DEMA decisively after multiple attempts
- Closed below 500 (multiple attempts to close below 500 have failed in the past)
- Broken 484 support
- Trading below 20 WEMA for several weeks now
- Trading below the cloud, Baseline and conversion line
- 20 MEMA is placed at 420 levels.. If we dont close above 540 by end of Nov, most likely we will hit 420 in Dec
- Taking support at the Weekly SuperTrend for now. Hoping for it to break and close below it (480) on weekly TF
- 200 Period EMA on 90 minutes TF poses a strong resistance
(tradingview.com/x/cyex2uwc/) Currently it is placed at 530. So any pullback to 530 level is a blind sell, unless or otherwise the candle closes above
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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