Resistance Lines of RCOM
- For Rcom Its better to look for a selling opportunity at higher levels.
- For buying Rcom one has to wait for price to breakout above 50 Day SMA and the resistance line. A short trade near the weekly resistance line after a bearish candle will give good risk reward ratio. Taking long anticipating a breakout may not be a good move.
- Stochastic will reach overbought zone if price moves up for one or two day's. Then Bulls should hope that stochastic stay over Bought and the stock give a trending up move.
Thank you sam.
ReplyDeleteI am positionally long on RCOM from here on for next 6 months minimum. Only position so far in 2012. No other position in market.
If you would have also connected supports on weekly charts then probably picture becomes clearer.
ReplyDeleteHappy New Year to U San,
ReplyDeleteThanks for all ur charts ... are always neat n to the point :)
@Neha
ReplyDeleteThanks for the wishes.
Happy New year to you
@Pankaj Shukla
ReplyDeleteI too tried to connect the supports. There was a false spike below the support line of the wedge. Price is getting back into the wedge which is good news for the bulls. But the trend is still down price has to trade consistently above the resistance line and moving average for big up moves to happen.