Apollotyre- Long
Weekly chart observation-
1. Reverse head & shoulder pattern formed- Bullish formation
2. Price took resistance from neckline but made symmetrical triangle- Bullish formation after uptrend
Less volumes while consolidating in symmetrical triangle range. RSI in second shoulder is much higher than the first one, which shows bullish divergence.
If it breaks the symmetrical triangle & neckline(very close to it) with power candle & volume, our first target will be all time high which I marked there. Also, it came out as the calculated target for symmetrical triangle too.
Breaking the first target line with power candle & volume will lead us to our next target i.e. 410, as per calculated target for Reverse H & S pattern.
Please place a logical SL taking major support line on weekly time frame into consideration. Also this a weekly time frame analysis so time to achieve target will in months.
Happy Trading! :-))
1. Reverse head & shoulder pattern formed- Bullish formation
2. Price took resistance from neckline but made symmetrical triangle- Bullish formation after uptrend
Less volumes while consolidating in symmetrical triangle range. RSI in second shoulder is much higher than the first one, which shows bullish divergence.
If it breaks the symmetrical triangle & neckline(very close to it) with power candle & volume, our first target will be all time high which I marked there. Also, it came out as the calculated target for symmetrical triangle too.
Breaking the first target line with power candle & volume will lead us to our next target i.e. 410, as per calculated target for Reverse H & S pattern.
Please place a logical SL taking major support line on weekly time frame into consideration. Also this a weekly time frame analysis so time to achieve target will in months.
Happy Trading! :-))
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