Prices above 200ma have historically taken support on 50ma. Today, once again it bounced off from 50ma by printing an Engulfing candle coupled with a Stochastic RSI Crossover. Note the Engulfing candles cover the whole body of the previous candle, ignoring the wicks.
With these reasons, a buy can be initiated above the close of today's candle ie., 249.85, with SL of 237. first target of 263 at final target of 275 can be aimed for.
With these reasons, a buy can be initiated above the close of today's candle ie., 249.85, with SL of 237. first target of 263 at final target of 275 can be aimed for.
