It seems Sugar is everybody’s favorite, below is a chart contributed by a good friend and a regular reader of the blog, Anup Bade. Anup is bullish on Balrampur Chini and uses RSI for most of his trades.
Thank You Anup for contributing here!!!
Tuesday, May 11, 2010
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The current RSI level definitely puts this stock in oversold zone. But whether the stock has bottomed out is yet to be seen on the chart. The stock appears to be still in downtrend and it will be a while b4 the uptrend could be said to be firmly established.It has to make higer lows and higher highs for that.
ReplyDelete-Anoop Kumar
manoj sir,
ReplyDeletei tried ur open plus high with icici bank today,
it worked for nifty yesterday.
i think so this alone can become intra system.
now
1)if we want to scan open + high, open +low we shud ideally do with stocks of futures
if we want to scan list of stocks making open +high or open + low how can we do it.
Anoop
ReplyDeleteHi...welcome here...
Very valid said...but what Anoop Bade was suggesting here was playing for an oversold bounce...purely on RSI play..
For positional we need to see some sort of divergence or rather look for some convergence in all the three time frames ie. weekly/daily/hourly!
Cheers!!!
Piyush Sharda Hi
ReplyDeleteOPen High= short is not a norm...but yes a probable trade...and we need to take broader movement into consideration..
A tight stop above OH is must...you either get out here or reverse your shorts to longs coz it usually throws a surprise move on the opposite side!
Cheers