BHUMIT-ARQ
Long

Double Bottom Break For Centurytex

NSE:CENTURYTEX   CENTURY TEXT & IND
102 0 4
Targets : 1180-1225-1300 Buy range : 1090-1100 Stoploss : 1015 Duration : 4-5 weeks

Outlook :
After a strong up move in the last 6-7 months of 2017 from | 667 to | 1218, the share price of Centurytex             entered a secondary corrective phase during May 2017 to work off the extremely overbought conditions developed after the strong rally.
The price wise correction halted precisely at the major support area of | 1038-1042 being the confluence of following technical observation:
The Horizontal trend line support joining tops of October 2016 (1038.70 ) and March 2017 (1042).
The upward sloping trendline gaining multiple supports during upward journey for the stock.
Presently, stock has staged an upside breakout from a “Double Bottom “ with rising volumes, giving a confirmed close above 1096 ( mid-point ) of the said pattern..
Bullish engulfing Candlestick pattern was formed by the stock as on 15/06/2017 and Three outside up Candlestick pattern was formed as on last trading session.
Among oscillators, the daily 14 period’s RSI is currently placed above centre line, As Per ADX , stock is in strong trend with readings of 36, Bullish MACD line is crossed over signal line today.
Keeping in mind the above technical evidences we recommend a Buy as per levels mentioned above for this particular stock.
English (IN)
English
English (UK)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out