Firstly, look at the weekly chart above. There is a clear 5 year old , and current price is on the verge of giving a breakout from this multi-year resistance line. The volumes here too are favorable. too shows momentum!!
Now, since this is on the VERGE of breakout it is important that we see other timeframes charts too. Let us see what they have to say.
"DAILY CHARTS" (Wasn't able to upload the because of TradingView feature. You should open of Globus Spirits on the side for better understanding)
If you watch closely to the of Globus Spirits , it is visible that the stock is trading continuously between the range of 300-350 from last October. It came above this range but wasn't able to sustain for a long time. Now look at the last candle (4 June, 2021). Firstly the volumes are brilliant! Secondly, the price went up the trading range of 300-350 but wasn't able to sustain above that point! But does this mean that we should avoid this stock?
"MINUTES' CHART" (Please open 5 min and 1 minute chart aside for better understanding)
Looking at the minutes' chart, if you look at the candles which are towards the day end; the volumes of these candles are significantly high compared to the rest of the day. This shows interest of investors in this stock. Hence, it can be predicted that the price of Globus Spirits may go up on Monday (7 June, 2021) and hence giving us a breakout in both weekly and (given that volumes are high on Monday)!!!
I would recommend going long on Globus Spirits IF it gives a breakout on Monday with good volumes!!
FOLLOW IF YOU LIKE THE ANALYSIS
LIKE AND COMMENT WHAT YOU THINK ABOUT THIS!!
TOUCHED 460 TODAY!!!
20% RETURNS IN JUST 6 DAYS!!!!
Will it go beyond 400?
I am a novice and without researching much i made some purchases
Thank you for your reply! Much appreciated
I bought 1500 shares at 355
Thank you again for your kind reply