RICAUTO Breakout analysis on 22 Nov

21 Nov 2023

RicoAuto has given a breakout after taking the support at 200 EMA.
As it has given the breakout a nice bullish momentum is expected.
The trade has a nice Risk:Reward :: 1:3.
Reasons:

1. High spike of voulme shows huge buy interest.
   
2. Price > EMA(13,50,200) (Bullish)
   
3. Nice Range Breakout next level of resistance is 109.
   
4. RSI is crossing 60 to upside means heavy bullish momentum.
   
5. Price is just above VWAP.
   

Verdict:
Bullish breakout

Plan of action:
Buy = 95.60
Stoploss = 91.40
Target = 109