IDEA (Vodafone IDEA Ltd.) looks bullish on a weekly and monthly time frame as they are above 60. It has been corrected in the last few sessions. The only concern here is that volume increased during correction.
The RSI on a daily time frame is near 45. The RSI now (46.52) and the previous (43.65) swing low (10.65) are almost the same. This term is known as "Positive Reverse Divergence". The price is making a higher high, and RSI is making a lower low.
The RSI is taking support at 45 levels, and at the same time, price action shows the same (taking support at 12.50). If the price drops below 11.50, it may become weak.
If the price takes support at 12.60 - 12.50, which is the neckline of the cup pattern, it would be a good opportunity to enter the trade. If we clone the cup depth on the upside from the neckline, that would be our target (19.55). One can achieve a 1:3.5 risk-to-reward ratio. It may go up to 20.55 levels, the next resistance level.
The RSI on a daily time frame is near 45. The RSI now (46.52) and the previous (43.65) swing low (10.65) are almost the same. This term is known as "Positive Reverse Divergence". The price is making a higher high, and RSI is making a lower low.
The RSI is taking support at 45 levels, and at the same time, price action shows the same (taking support at 12.50). If the price drops below 11.50, it may become weak.
If the price takes support at 12.60 - 12.50, which is the neckline of the cup pattern, it would be a good opportunity to enter the trade. If we clone the cup depth on the upside from the neckline, that would be our target (19.55). One can achieve a 1:3.5 risk-to-reward ratio. It may go up to 20.55 levels, the next resistance level.