IRCTC Potential BreakoutThe idea here is about IRCTC:
Indian Railway Catering & Tourism Corp. Ltd. provides railway related services. It engages in Catering and Hospitality, Internet Ticketing, Travel and Tourism.
My view is bullish (Swing trade) for the below observed technical factors.
Points as per TA on a weekly & daily chart:
1.Falling wedge pattern observed on a weekly chart & near the breakout point as per below:
2. Cypher Harmonic completed on weekly chart at the time of publishing as per below:
3. EMA 20 support established on weekly chart as per below:
4. Trading above 20 & 100 EMA on daily chart at the time of publishing.
5. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily & monthly chart is Neutral & Weekly is strong downtrend and weak at the time of publishing.
6. RSI is at 55.36 on a weekly Chart and 58.75 on daily chart at the time of publishing.
7. MACD Just crossed signal line on daily chart which is a signal for upward momentum as per below:
8. MACD way above signal line on weekly chart.
9. Hull Moving average and other moving averages on a daily,weekly & monthly chart is a strong buy.
10. ADX (Average directional index ) trend strength is at 11.81 on a weekly and 14.09 on a daily chart which indicates a absent or weak trend (ADX between 0-25 is a Absent or weak trend) However, the trend seems to be picking up.
11. Enter long position once the breakout is confirmed with retest on daily/weekly chart as per below:
Projected Target with % : provided in the chart as per Cypher harmonic pattern.
Stop Loss: Provided in the chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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