Price action and the setup clearly indicates for a breakout confirmed by good volumes and RSI in momentum.
Stock has just come out of its accumulation range for which a good upside potential could be seen in few upcoming sessions.
A good OI build-up was seen in today's session which has a good potential to break this level.
But before that it should clearly break and sustain over its key level: 1545-50. Otherwise it could act as a good resistance since bears are eagerly waiting to short at this levels.
Wait for the right price action before entering long.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!
Stock has just come out of its accumulation range for which a good upside potential could be seen in few upcoming sessions.
A good OI build-up was seen in today's session which has a good potential to break this level.
But before that it should clearly break and sustain over its key level: 1545-50. Otherwise it could act as a good resistance since bears are eagerly waiting to short at this levels.
Wait for the right price action before entering long.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!