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Foram_C
Apr 24, 2018 3:59 AM

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

BOMBAY DYEING &MFGNSE

Description

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.
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