GHCL Multiyear Reversal

Jul 17

GHCL is a multi year reversal setup.
Previously it was able to sustain the multiyear support at 440
Once price sustain the support it made a small continuous pattern similar to cup and handle and given breakout at 553
Higher low in the continuous pattern shows the sign of trend reversal.
It is now facing small trendline resistance near 576 which can lead it to retest level and continue the upward journey later.
It should keep following Higher High, Lower Low format on weekly timeframe for any upside.
Exit if it breach swing low on weekly timeframe or do not sustain the retest level 520.

This idea is for mid term investment or positional trading only.
Disclaimer - Please do not trade based on this post. Contact with your advisor.

Jul 19

Note

As mentioned above trendline resistance can lead it to retest level. GHCL is about to reach the retest level near 523, current price is 529. Once it will reach 523 then it will be the level to decide if it will recover or going to break retest level near 520.

Jul 22

Trade active

Retest has been done today as expected - Today's low 521, expected low was 520.
If it sustain today's low for some days then this can be next higher low that we required to keep trend upside. Still market is supreme, need to keep tracking for weakness. -

Aug 2

Trade active

After previous update and retest level of 521, it sustain the level and moving good.
Stock price is above trendline resistance now. Final or multi year trendline resistance is the next level..

Aug 20

Trade active

We have cleared the all time high level today.
As mentioned this is positional trade for mid to long term only.
Correct trail stoploss and patience is necessary to ride the trend.

Sep 19

Trade closed: target reached

First lower low swing on daily chart and breaking important level.