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ALSTOM INDIA LTD – POSITIONAL VIEW – TECHNICAL CHART READING – DELIVERY CALL

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positional view –  buy small qty at 335-350 range for delivery and add more if able to give close above 360 level sl 310 target 395-435

technical chart reading –

if we look at the chart of the stock then we can notice very simple technical things.

stock has given a falling wedge chart pattern, and able to move out of this wedge pattern at 340 level, this wedge is having a width of 100 points so above 340-350 level we can expect a movement of rs. 60-100 rs. more confirmation of buying we can get if stock close above 360 level.

another thing we can notice is RSI also formed a “SYMMETRIC TRIANGLE” on chart but as per price its not able to give a clear move above its so once price crossing the 360 level will give breakout on rsi chart also and thus price have ability to drag the rsi in overbought zone for more movement.

if we see the chart with recent candles we can see that there are many candle’s to observe it has given a HAMMER CANDLE, GRAVESTONE DOJI, DRAGONFLY DOJI,  most of the candlestick pattern form on chart are with long shadow and small body, so this can indicate that stock probably can give us a good intraday trading opportunities also, where as some techniques we can assume are after a opening we can try to buy and sell at extreme high and lows and exited near open level.

 

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