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Published on 29/10/2020 5:44:29 PM | Source: GEPL Capital Ltd

We expect the prices to test the 1670- 1710 level on the upside - GEPL Capital

Posted in Market Outlook| #GEPLCapital Ltd #Market Outlook

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Observation 

* PIDILITIND has been moving higher since April 2020 and has been forming a higher high higher low pattern.

* In todays session the prices broke and closed above the upper sloping channel and ended the session with a strong bullish candle and a gain of (5.11%). ‘

* The breakout was backed by above average volume indicating participation in the breakout.

* The RSI (67.51) plotted on the daily time frame can be seen forming a higher high higher low pattern and moving swiflly towards the overbought level, indicating the presence of bullish momentum in the prices. ‘The resistance is placed at 1670-1710 (recent swing high) The 1550 (Breakout level) seems to be a support on the downside.

 

Inference & Expectations

* PIDILITIND has been moving higher and looking at the price action of today's session, we believe that the prices have gained bullish momentum and it will continue to move higher. ‘

* We expect the prices to test the 1670- 1710 level on the upside. ‘

* Our bearish view will be negated only ifthe prices breach and sustain below the 1850 level.

 

 

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