This stock has given good breakout along with good intensity of volume on daily time frame, Once it closes above 144.20 then more strength could be seen on chart to go towards north direction, all the key levels are mentioned on chart.
Breakout along with good volumes
RK's black magic BUY signal in Daily chart
MACD in weekly positive crossover
MACD in Daily positive uptick above zero line
RSI in daily uptick
DMI ADX positive
Price out of upper range in daily
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sir, I've a doubt , can you plz help me with it....actually in this chart the breakout candle has long wick....wick means supply.......which means it will reverse......so can it be considered as breakout candle........recently in few stocks when I took wick as breakout candle it failed.....so recently I exited one stock(GENUSPOWER) after seeing a big wick..but yesterday it gave a very good move......so I'm kind of confused whether to hold a stock with wick or should i exit such stocks.........plz reply
RK_Charts
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@shaikh1786, Good Question, Actually I have already mentioned in description that there is a good intensity of volume in Breakout candle, and also mentioned that once it closes above 144.20 (top of the wick) then we can witness more strength. Thanks.
shaikh1786
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@RK_Charts, thank you for the reply....it means we should wait for the confirmation candle to take over the wick(especially when the wick candle has good volume)........I'll note it down and will remember it always.....thank you for the kind reply
When you have good volume in Breakout candle then you can rely on it, and yes wick on upside means supply so wait for confirmation in such scenarios, but volume and all indicators are suggesting to go Long then one can buy some quantity at current levels and some in dips (if any) and also some above wick, always there should be a strict Stoploss, No trade without Stoploss. Anyway, Have a nice tradings