Trade rationale

RSI

ENTRY = 212.55 TARGET= 233.8 STOPLOSS= 205 R:R = 1:2.8 Combination of daily and hourly timeframe charts with RSI. Daily timeframe analysis: Prices are making a flag and pole formation. In second last candle of the chart , prices took support exactly from 50 level in Rsi and also bounced from the lower trendline. considering more than 5 touchpoints in the flag formation, it is ready to give a breakout from the upper trendline. 60min timeframe analysis: in 60mins chart, rsi has given a bullish divergence confirming that stock is ready to move higher. Also there can be a possible shortfall which would add more confidence for the upward movement of prices. Also there is a important static resistance level 233.8 ( which is coinciding with 1:2.8 R:R) which can probably act as resistance. So combining Everything , a flag and pole formation on daily chart with prices taking support from 50level in RSI , a bullish divergence in 60mins chart and a possible shortfall, 1:2.8 R:R till resistance level 233.8 Looks extremely favorable.