In the current market environment, there are stocks specific actions that can be witnessed. We can clearly see below the chart how bullish momentum can be captured.
Combination of trend indicator and price pattern is an amazing technique applied on a chart to understand why there was a rise and is this rise is sustainable.
We published RAMCOIND analysis in "The Financial Waves Short Term Update" on 26th October which our subscribers received pre-market every day. Check out below the detailed research report that we published.
RAMCOIND Daily chart Anticipated as on 26th October 2023
RAMCOIND 60 Mins chart Anticipated as of 26th October 2023
Wave analysis as of 26th October 2023
RAMCOIND has been moving higher recently and is intact in a strong uptrend. In the previous session, it closed with a massive gain of 5.35%.
On the daily chart, in the previous session prices formed a bullish candle. Price has closed above 198 which confirms the breakout of the rounding bottom pattern. We have shown the ADX indicator which indicates if the stock is trending or in a trading range. The low readings of ADX indicate that the stock is in a range. The Adx of this stock is 27.51 indicating a trending market. A reading above 25 means strong directional strength
As shown on the hourly chart, we have applied parabolic SAR which is used to determine the price direction as well as draw attention to when the price direction is changing. A series of dots placed below the price is deemed to be a bullish signal. The closest support is placed at 196.
In short, the trend for this stock is positive. Use dips towards 202-205 as a buying opportunity for a move towards 227-230 levels as long as 196 holds on the downside.
RAMCOIND Daily chart Happened as of 30th October 2023
Happened: The stock moved as we expected. The price took support near the neckline and after a dip, a good rally was witnessed. Within just 3 trading sessions, the stock reached a high of 224.35 levels. Even though the market was down the stock has gained more than 11% and it has the potential to achieve our target of 227-230. In such a volatile market, the stock is holding well at higher levels.
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