Price has been staying inside channel for quite a long time indicating price movement to be of an corrective nature.
Now as far as corrective pattern is concerned it seems like stock has taken a form of complex triple correction of which wave W,X,Y is done and currently price is in middle of second connector wave X.
This wave X has taken a form of flat correction and currently we are in the middle of sub wave B of second connector wave X,and going ahead we can see price continuing its upward move and reversing in the zone 2340-80 as we have channel resistance along with previous high to start wave C C of second connector wave X.
This wave C can again take price in the support zone of 1850-1780.One can look to accumulate this stock if price falls in the mentioned zone of 1850-1780 for wave Z up move once we get price reversal in same zone.
PS:Stock seems to be following 22 days cycle and price nearing channel support along with cycle low period has not been breached from last 18 months,giving us important pivot lows.
Disclaimer:This are just my views on the stock no position should be build or exited on its basis.
Now as far as corrective pattern is concerned it seems like stock has taken a form of complex triple correction of which wave W,X,Y is done and currently price is in middle of second connector wave X.
This wave X has taken a form of flat correction and currently we are in the middle of sub wave B of second connector wave X,and going ahead we can see price continuing its upward move and reversing in the zone 2340-80 as we have channel resistance along with previous high to start wave C C of second connector wave X.
This wave C can again take price in the support zone of 1850-1780.One can look to accumulate this stock if price falls in the mentioned zone of 1850-1780 for wave Z up move once we get price reversal in same zone.
PS:Stock seems to be following 22 days cycle and price nearing channel support along with cycle low period has not been breached from last 18 months,giving us important pivot lows.
Disclaimer:This are just my views on the stock no position should be build or exited on its basis.