After 2 days of
downtrend market it again started in upward direction. But as a trader we have
to be cautious because whatever moved up faster can also come down faster.
But said and
done market can also move upwards, who knows. So we are looking for small and
safe opportunities and we just found one "CEAT".
CEAT
Limited is a Tyre manufacturing company
based in Mumbai, India. CEAT has about 20% of the local truck and light
truck tyre market.
Below are important technical points why we feel CEAT
would do well.
As a trader we love a sharp downtrends and
confirmation. We had good success in pullback rather than continuation
patterns. If you see the following charts of CEAT it has been in a down trend
for almost 15 days and now its has changed pattern with great volume.
This confirmation is more
significant because its support the trendline. Below diagram explains the
same.
It has broken 11 days downtrend resistance level.
Stochastic moving in
a upward direction and %K crossing %D
RSI is moving
in an upward direction.
OBV(On Balance Volume) indicating a strong movement in price rise.
If you are
interested do buy our course learn trading step by step. Below you can see a
sample video for the same.
See syllabus
for Technical analysis training in Mumbai,India.
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