RICAUTO Breakout analysis on 22 Nov
RicoAuto has given a breakout after taking the support at 200 EMA.
As it has given the breakout a nice bullish momentum is expected.
The trade has a nice Risk:Reward :: 1:3.
Reasons:
Verdict:
Bullish breakout
Plan of action:
Buy = 95.60
Stoploss = 91.40
Target = 109
As it has given the breakout a nice bullish momentum is expected.
The trade has a nice Risk:Reward :: 1:3.
Reasons:
- High spike of voulme shows huge buy interest.
- Price > EMA(13,50,200) (Bullish)
- Nice Range Breakout next level of resistance is 109.
- RSI is crossing 60 to upside means heavy bullish momentum.
- Price is just above VWAP.
Verdict:
Bullish breakout
Plan of action:
Buy = 95.60
Stoploss = 91.40
Target = 109
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