Hello all, I have found a interesting setup which I want you all to study, learn and make a view. We all know that CDSL is a good fundamental stock and owing to that it saw a really good uprun in the bull phase of the market and then went into time and price correction which I consider as healthy. Now, after correcting and spending a lot of time in the sideways, it seems to be building up for the next move.
The chart is forming a VCP pattern with consecutive higher lows. Has tested the resistance line multiple times (the more it touches the weaker it will become). I would also want you all to notice that it is consolidating nicely this time close to the resistance line and seems ready to take off the resistance this time with full power.
Acc to me, the setup seems good to take a position here to get that first mover advantage. I would also request my friends @varadtambolkar and @vorayash05 to give their views on this setup. You guys also give a study to this chart and comment your views on it.
Like I always say, together we can all learn and earn :) Happy Trading!
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Another view to look at this set up is that it is forming a assymetrical triangle 😉😃
Great Study and analysis. I m also bullish on this. I have taken position 3dyas back with same logic you have mention. If it moves as per setup them you rightly said, we get advantage of early mover
Ankit_Oberoi
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@tulshiinaik, Hey, great! Let’s hope it starts it’s next uptrend soon:)
tulshiinaik
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@Ankit_Oberoi, Gap up open and closed at +3.97% on Muhurat Trading.