Milan_Vaishnav_CMT_MSTA
Long

Buy BOMDYEING above 280 with short term target of 320 and SL of

NSE:BOMDYEING   BOMBAY DYEING &MFG
The stock tested highs of 301 in late 2017 and has not made any major headway since then. It is moving in a broad trading range over last couple of weeks. A rounding bottom formation is observed within a large symmetrical triangle. Such formations have larger possibilities of getting resolved with a breakout on the upside. The prices have closed above the upper Bollinger bands on the Daily Charts . Though short term pullback inside the bands is likely but on a broader note, upward momentum may continue. RSI is seen breaking out of a formation and has marked a fresh 14-period high which is bullish .
Milan Vaishnav, CMT, MSTA
Consultant Technical Analyst,
Gemstone Equity Research & Advisory Services
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