RCF Report
📆 Monthly Time Frame:
📍 Price Action: Price is currently at a major support zone.
🔄 Trend Analysis: Downtrend (Dow Theory) remains intact.
📉 Moving Average: Price is near the 50 EMA.
🔍 Analysis: Price is not strongly bearish but not yet bullish. This zone might indicate a potential trend reversal in the upcoming sessions.
📆 Weekly Time Frame:
📍 Price Action: Price is near the 200 EMA.
🔄 Trend Status: No strong bearish momentum.
🔍 Analysis: Price shows signs of potential reversal. We need to look for a bullish setup in lower time frames.
📆 Daily Time Frame:
📈 Key Candlestick Patterns:
🛠️ 12th Feb: Hammer candle with a low of 132.36.
🔄 13th Feb: Inverted hammer at bottom – possible bullish reversal signal.
📉 14th Feb: Bearish candle with good volume, but closing above 132.36, indicating bulls’ presence.
🔍 Analysis: The past three days' price action suggests buyers are defending the support zone.
⏰ Hourly Time Frame:
🛑 Double Bottom: Pattern with bullish divergence observed.
📊 RSI Status: RSI is below 40; we need a close above 40 to confirm bullish swing setup.
🔍 Trade Setup:
🛒 Entry: Upon RSI closing above 40 on the hourly time frame.
📍 Stop Loss: 132.99 (Hourly Closing Basis)
🎯 Target 1: 147 (Risk-Reward Ratio: 1:6)
🎯 Target 2: 162
⚖️ CMP: 135
Conclusion:
RCF shows potential for a trend reversal across multiple time frames. Confirmation of RSI above 40 in the hourly chart will provide a low-risk entry opportunity with attractive risk-reward potential. Patience is essential to let the setup mature for the best results.
📈 Recommendation: Wait for RSI to close above 40 in the hourly time frame and then consider entering the trade with the defined risk and reward targets.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.