BHUMIT-ARQ
Long

Double Bottom Break For Centurytex

NSE:CENTURYTEX   CENTURY TEXT & IND
103 views
4
103 0
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.
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