Have been monitoring this stock for quite some time and this stock is consistently declining on every occasion after giving many false buying signals. However this time could it be the end of the decline and start of a new uptrend ?
For a confirmed uptrend the prices should first need to cross 84.
Currently trading at 70.65, it is at an important junction and I would like to share the chart with you.
We saw the prices cross the 61.8% retracement levels but was unable to close below it in the hourly right upto the 5 minute time frame. This could be a useful support going and ahead and if the uptrend is to start this level of 70 should remain untouched although the prices can go down upto 66.55. Rest only time will tell and markets will tell us about the further action.
So Rcom today closed below 70 our stop loss is hit although this was a very protective stop loss as I had already written the prices could go down upto 66.55 and I will still remain bullish. Today the prices took support at the 78.6% retracement and if the downtrend line is not broken it could go below 66.55 where heavier selling will be expected. Although if it breaks the trendline we could look at buying options again.