Shakeout + 4 to 8 weeks Breakout
Breakout post shakeout is very powerful, this one had two (highlighted in the image). Shakeout is when price falls, comes back up and closes almost equal or minutely in red in a week or one day. The Stock Broke out post that within 4 to 8 weeks ( which is important otherwise the stock is not in a strong uptrend) breaking all resistance on heavy volume.
Weak buyers exited the stock during these shakeouts, the stock didn't fall when the nifty (nse index) was -2% on 6 Jan because there was only smart/institutional money in the stock
Weak buyers exited the stock during these shakeouts, the stock didn't fall when the nifty (nse index) was -2% on 6 Jan because there was only smart/institutional money in the stock
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.