SCI(Shipping Corporation of India) Analysis!

8 mar

SCI – Double Bottom Pattern Forming a Bullish Reversal?

📊 Chart Pattern:
A Double Bottom pattern has been identified on the daily chart of Shipping Corporation of India (SCI), indicating a potential trend reversal from the recent downtrend.

🔍 Key Observations:
Falling Bottom & Rising Bottom:
The first bottom formed at a lower level, followed by a second bottom at a slightly higher level, aligning with bullish RSI divergence (indicating possible strength in the price action).
Neckline Breakout Level:
The neckline of the pattern is around ₹169-172, which serves as the critical resistance level. A breakout above this level could confirm a bullish move.
Projected Target:
The pattern height projection suggests a potential target of ₹193.65 upon a successful breakout.
EMA Resistance Levels:
The price is currently below the 50 EMA (₹198.76), 100 EMA (₹212.83), and 200 EMA (₹218.62). A breakout above these levels would further strengthen the bullish outlook.
RSI Recovery:
The Relative Strength Index (RSI) is recovering from oversold levels, currently at 42.38, suggesting that bullish momentum is slowly building.

📈 Trading Plan:
A confirmed breakout above ₹169-172 with strong volume could indicate a further bullish rally toward the ₹193-195 zone.
Stop-loss: Below the second bottom level to manage risk.
Watch EMA Levels: The stock needs to sustain above key moving averages to continue upward momentum.

Disclaimer: Consider my analysis for educational purposes only.

Before entering any trade:
1️⃣ Educate Yourself – Understand market dynamics and technical patterns.
2️⃣ Do Your Own Research & Analysis – Never rely solely on external opinions.
3️⃣ Define Your Risk-Reward Ratio – Ensure your trade aligns with your risk appetite.
4️⃣ Never Trade with Full Capital – Always manage risk and preserve capital.

Trade wisely! ✅📊

8 mar

Nota

Enter only after neckline breakout with a proper stop loss!