Libas Designs Ltd. is currently trading within a descending triangle pattern. A potential bullish divergence between the price action and the RSI could indicate an upcoming trend reversal.
Technical Analysis:
Trade Setup:
Disclaimer: This analysis is for educational purposes and should not be considered financial advice.
Technical Analysis:
- Descending Triangle Pattern: The stock has been consolidating within a descending triangle pattern, characterized by lower highs and a strong support level around ₹16.5.
- Lower Low in Price: The price recently made a lower low, near the support level of the triangle.
- Higher Low in RSI: Simultaneously, the RSI (14) made a higher low, creating a bullish divergence. This suggests that the selling pressure is weakening, despite the price making a new low.
- Volume Analysis: Volume has been decreasing during the formation of the triangle, which is typical for this pattern and indicates a potential buildup before a breakout.
Trade Setup:
- Entry Point: I would wait for a breakout and retest above the top trendline. Probably somewhere above the 17.5 mark.
- Stop Loss: A stop loss below ₹16.00, just under the recent support level, to manage risk effectively.
Disclaimer: This analysis is for educational purposes and should not be considered financial advice.
註釋
Price closed above the trendline today.註釋
Looks like the Re-test is complete. Let's see over the coming days.Disclosure: Invested
註釋
>20% up as of now.
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