REC LTD - BULLISH CONTINUATION | 5-7% UPSIDE POTENTIALREC LTD is trading in an uptrend with consistent Higher Highs and Higher Lows.
From past few days, price was falling and retraced till 128-127, which in past was a resistance area.
As of now the price is retesting the resistance area as new support, and I expect a bounce from here as trend is UPTREND.
On Daily Timeframe, we can spot a Morning Star Candlestick Pattern which is a Bullish Reversal Pattern. This pattern gives us a confirmation that broken resistance is now being held as support and now price may bounce and go high. (but no confirmation is guarantee)
Also, on 1Hour Timeframe, we can spot a Double Bottom pattern which was broken out and retested as well, which is another confirmation to initiate a buy.
TRADE EXECUTION:-
Entry- around 130.8
Stop Loss- Below 127.5
Target- 137
Let me know in comments section if you want me to analyse any other Stock, Index, Forex Pair, Commodity or Cryptocurrency.
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING.
