CONTRARIAN trade setup.
#Here on the daily chart of UPL, the trend is down since the month of june and now the trend is showing some signs of reversals. A divergence can be shown between Price and RSI, price is making lower lows but RSI is continously making higher lows.
#When we put a bollinger band over the price chart, we can see a "W" bottom pattern has formed on the same lows. 1st low broke the lower bollinger band shows momentum on down side then the price bounces back and forms another low but this time fails to break the lower band and stays inside which shows loss of momentum towards down side.
#When we see the RSI indicator, the value is about to cross 60, if it closes above it we can see an uptrend from here.
#On Balance Volume has also broken the trend line which shows that buyers are showing interest.
*For a safe entry wait for the price to give a breakout above (768) the resistance or above upper bollinger band.
*Stop Loss can be the previous low i.e. 694 or the lower bollinger band.
*First target = 865
#When we put a bollinger band over the price chart, we can see a "W" bottom pattern has formed on the same lows. 1st low broke the lower bollinger band shows momentum on down side then the price bounces back and forms another low but this time fails to break the lower band and stays inside which shows loss of momentum towards down side.
#When we see the RSI indicator, the value is about to cross 60, if it closes above it we can see an uptrend from here.
#On Balance Volume has also broken the trend line which shows that buyers are showing interest.
*For a safe entry wait for the price to give a breakout above (768) the resistance or above upper bollinger band.
*Stop Loss can be the previous low i.e. 694 or the lower bollinger band.
*First target = 865
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