CADILAHC: Inside Bar + Descending Triangle

1 nov 2020

CADILAHC on the daily time frame has created an interesting setup. As per my 3 Rivers System, the stock is in an UP trend and has entered the lower edge of the River. Herein strong supports from (410-415) kicks in which has earlier worked as a strong source of support & resistance. Essentially the stock is at valid supports.

Now add on two more elements - an Inside Bar and a perfect Descending Triangle. Short term momentum has been oversold with drop in volatility. And yes the stock has been bouncing off from its intra-day lows.

When I combine all these elements, it raises a higher possibility of an upside breakout. A close above (425-426) confirms this which should ideally kick in fresh buying impetus. On the flip side a break below 410 definitely negates this possibility.

Trade Well. Trade Wise.

3 nov 2020

Trade chiuso: obiettivo raggiunto

Profits Booked