HDFC AMC has been in continuous downtrend from late 2019.
As we can see on the chart, the stock has recently bounced from a support level with good volumes.
The most interesting observation is a positive divergence in RSI during the bounce which might be an indication that stock has bottomed.
On Friday, good buying with high volumes has been observed with a bullish candle, almost a marubozu.
This stock has an immediate resistance at 1950 so it is better to buy the stock at around 1800-1810 levels for a better risk reward.
Kindly trade as per your own analysis. This idea is shared for educational purposes.
As we can see on the chart, the stock has recently bounced from a support level with good volumes.
The most interesting observation is a positive divergence in RSI during the bounce which might be an indication that stock has bottomed.
On Friday, good buying with high volumes has been observed with a bullish candle, almost a marubozu.
This stock has an immediate resistance at 1950 so it is better to buy the stock at around 1800-1810 levels for a better risk reward.
Kindly trade as per your own analysis. This idea is shared for educational purposes.
Komentarz:
Power of divergence. Never got entry in this but a learning of how strong RSI divergence is. Stock has almost doubled from 1800
Wait for a retracement for bigger move.