The stock has rallied almost 33% in the last 2 months, there needs to be a correction or consolidation phase. One needs to be cautious not to enter long at this point as technical indicators suggest a short set up.
1. RSI negative divergence - The price is increasing at a very fast pace but the strength index is not following the path as indicated in the chart.
2. Bollinger Bands - The stock should close below the Bollinger band and might drift towards the average line.
One can take a short set up with a strict Sl at 333 with a target of 300. This is purely for educational purposes.
1. RSI negative divergence - The price is increasing at a very fast pace but the strength index is not following the path as indicated in the chart.
2. Bollinger Bands - The stock should close below the Bollinger band and might drift towards the average line.
One can take a short set up with a strict Sl at 333 with a target of 300. This is purely for educational purposes.
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targets almost achieved!