Trade Setups for this week using Rsi Edge
MCX – The stock managed to hold the previous swing low and gaped up with a bullish candle. The move was accompanied with good volumes. The down trend seems to pause here and the stock is set to move up from the current levels.
A move above 805 will be bullish and the stock is expected to move towards 887, 915 and 940. However a move below 780 will be deemed bearish for the stock. And downwards journey may resume.
Apollo Tyres – The stock has taken support at a previous resistance zone. The RSI coiled up from the neutral zone and the move up is accompanied with volumes.
The gap up has further enhanced the bulls into the stock. The stock is expected to continue its moves up above 294 to 306, 313 and 322 levels. However a move below 280 will damage the trend in the medium term.
ICICI Bank – The stock is banging its head on an important level. While the RSI has taken support on the 40 levels and turned up. This may be an indication of some bullish moves up.
A move above 295 will be bullish and the stock may reach 305, 314 and 315 in the near term. While a move below 274 will be a signal resumption of down trend again.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA