Cochin Shipyard is clearly forming a parallel channel pattern as you can see in the chart. Stock is now very much near its support line and can bounce back at any moment. Note :- If stock gives breakdown of support line , don't make a long call here. If a proper reversal candlestick pattern like morning star, doji , bullish engulfing etc is seen near the support line only then make a long call. Target will be near the resistance line , i will advise you all to book profit before the stock touches the resistance line as it can reverse before too. Only for education , feel free to share your views/feedback.
hi sir . i have a doubt that @ the last point it should stay it support level and it should raise but it have been crossed support and breaking down these days. can we still hope it will go back to its high?
headymuk
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@babaranjith281, No don't enter if the support has been broken ..wait for it to renter the channel properly.