Kinetic Motors rose today back today after a week of falling, to form a piercing candlestick pattern.
The price opened at 38 and closed at 39.55. During the day, there was some selling pressure as the price dipped to 36.8, but it quickly moved back during the 2nd half of the day and closed positive.
Market Outlook: Price should continue to rise tomorrow
Technical Indicators:
- Trend Triangle: The market remained within the triangle and if it rises tomorrow, it'll break out of the diagonal resistance
- Piercing Candlestick pattern with good volume: Positive signal
- RSI turning upwards from midpoint: Good signal
- Closing above 20 day moving average after closing below it on Friday: Positive signal
- Fibonacci support at 50% (Rs 37.77) retracement levels, tomorrow's support could be 61.8% (Rs. 40).
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