DELIVERY CALL – buy VIDEOCONIND above 175 sl 163 target 195-210-235 if it break 163 and close below this then we can look for selling with 135-110 targets also. all entry and stop loss levels given on closing basis.
TECHNICAL CHART STUDY –
have a look at the chart of videocon ind on a major time frame it has almost made DESCENDING TRIANGLE pattern on chart and it has taken a support at lower trend line many times, we can see it has touched this support and bounce at least 4-5 time previously. so moving upside from here, it may try to touch the resistance line upper side.
other studies like bollinger band shows that it has already done breakout at 210 level previously and then done the RIDING ON LOWER BAND, but now it has just out from lower band now, but still need more confirmation with fully out positive bar once.
look at the RSI it very well gone into oversold zone now, and now it may look to take some reverse turn which surly give some moves in price.
as per the candlestick pattern we can see that it has almost made “THREE WHITE SOLDIERS” pattern on chart with 3 green candles in past trading session, so this pattern can also give us a hind of some reversal movement in price to see.
overall patterns and technical indicators indicate that stock has given a decent fall in past time and now it has came near its major long term support now, so we can surly expect some reversal from here and if it not able to sustain its long term support then we can even sell falling action also. so following the levels is very important in this now.