Breakout pattern of RITES
Key points to be remembered :
> @509 it forms a very strong support which has already tested multiple times.
>RSI is at a very good point near 59 which means it's not overbought level
>also it has formed a slight cup and handle pattern in daily pattern which indicates of positive breakout
>Need to keep in radar for the next upcoming sessions which it might break with relatively large volume
NOTE : As it belongs to indian railway, rest of the stocks of railways are in uptrend in last 2 months but this one has not moved significantly so this might be a good opportunity to keep an eye on.
> @509 it forms a very strong support which has already tested multiple times.
>RSI is at a very good point near 59 which means it's not overbought level
>also it has formed a slight cup and handle pattern in daily pattern which indicates of positive breakout
>Need to keep in radar for the next upcoming sessions which it might break with relatively large volume
NOTE : As it belongs to indian railway, rest of the stocks of railways are in uptrend in last 2 months but this one has not moved significantly so this might be a good opportunity to keep an eye on.
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