Simple Price Action Analysis:
The present chart is a Monthly chart of Amaraja Batteries The stock was in a bull run for 2 years from Sep 2013 to Aug 2015. From Sep 2015 to Aug 2020, the stock was in a consolidation phase. It gave a breakout in Nov 2020. Now it is coming to retest the breakout levels at around Rs 700 price levels. The whole structure is that of a Pole and Flag which was formed over a long term of 7 years.
Pole and Flag chart pattern is a bullish chart pattern. Breakout of such a chart pattern in the long term means the stock is heavily bullish in the long term.
When to buy the stock?
When the stock forms a green bullish hammer candle or bullish handle at the present retest levels, then you can start buying the stock for long term.
Recommendation:
Can accumulate from 700 levels for long term
This recommendation is only for educational purpose and not an investment advice. Please consult your financial advisor before taking any decision
The present chart is a Monthly chart of Amaraja Batteries The stock was in a bull run for 2 years from Sep 2013 to Aug 2015. From Sep 2015 to Aug 2020, the stock was in a consolidation phase. It gave a breakout in Nov 2020. Now it is coming to retest the breakout levels at around Rs 700 price levels. The whole structure is that of a Pole and Flag which was formed over a long term of 7 years.
Pole and Flag chart pattern is a bullish chart pattern. Breakout of such a chart pattern in the long term means the stock is heavily bullish in the long term.
When to buy the stock?
When the stock forms a green bullish hammer candle or bullish handle at the present retest levels, then you can start buying the stock for long term.
Recommendation:
Can accumulate from 700 levels for long term
This recommendation is only for educational purpose and not an investment advice. Please consult your financial advisor before taking any decision
Trade active:
A bullish green candle has been formed in the month of september when you open the monthly chart. The green candle has formed right at the point of breakout as suggested. One can now enter a buying position with long term targets of 1200 and 1400.