This stock was facing resistance at particular level since last 2 years, and also got consolidation in parallel channel from last 1 year, now Stock making higher highs and higher lows ( Up Trend ) each and every time when price was correcting, the Volume was decreasing, which can makes conviction towards positive. co-incidentally top of parallel channel and 2 years resistance level both are at same level, finally it has given good breakout from that level, along with good intensity of volume, and also price moved up more than 40% from that breakout level, and now again it has corrected towards that same level in decreased volume. Fibonacci Retracement level is 61.8 % from recent rally, which is healthy retracement to go long. Now after Breakout that same Resistance became Support area, and has been retested too. Co-incidentally weekly 100 ema and 20 sma are also at that same levels, and daily 50 dema and 100 dema are also at same levels, Which makes supporting conviction more and more powerful to go long in this stock with stop loss of recent swing low
Stock making higher highs and higher lows ( Up Trend ) each and every time when price was correcting, the Volume was decreasing Supports Combination 1 year consolidation in parallel channel Breakout with good intensity of volume from 2 years resistance zone Fibonacci Retracement level is 61.8 % from recent rally, which is healthy retracement to go long Daily macd positive crossover done Weekly RSI uptick near 60 Weekly stochastic positive crossover
Disclaimer I am not sebi registered analyst My studies are for educational purpose only Consult your financial advisor before trading or investing I am not responsible for your profits and losses
Thank you.. Even Elliot waves indicates strong reversal..already small first wave impulsive skeleton has formed with second irregular corrective wave..now expecting highly destructive 3rd wave in coming days..risk reward ratio is highly favorable..
RK_Charts
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@tushar_chogale, Thank you brother, And Superb vision, you are Right.
Thank you