This chart is on the request of a well wisher. Credit to him for spotting another good chart after Kirloskar Ferrous.
While the stock has run up quite a lot, one may think that it has reached a point of saturation but I believe, the stock is turning around again to form a continuation pattern (Flag Pattern / Pennant pattern) and the journey continues.
This could be a very explosive stock "if it breaks out with good volumes". This stock should be on everyone's watch list in the coming days.
I will update the thread on the quality of its breakout if and when it does.
Brother... can you post the revsied chart based on daily or weekly for this stock. I am seeing this stock... and nearly 25% correction happened in this. Thank you for the support and do keep posting and educating us.
CuriousChartist
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@federalMagpie90736, Just wait for a good green candle with volume. That will be the point to enter again.
federalMagpie90736
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@CautiousChartist, Good... thank you... If you find some free time.. pls post the revised chart.
nitinbhardwaj1797
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This has fallen to 1663 should i sell it before i have to bear more loss i bought it for 1981..should i sell it
CuriousChartist
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@nitinbhardwaj1797, Firstly, you bought it at a very high price and since it closed below 1930 on the same day, it doesn't constitute a valid breakout. A breakout should always be seen on closing basis. So there wasn't an entry at all here. However, now that you did not sell it early , I would suggest you hold it because it is a good company and it shall recover as well. Below 1635 though there could be more pain if you are strictly a short term trader. Now the call is on you.
gunit_kar2007
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@nitinbhardwaj1797, sell your shares as it can go down very quickly u will be trapped don’t believe in cautious chartlist
gunit_kar2007
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This stock has fallen to 1664!after your breakout plz don’t post wrong things
CuriousChartist
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@gunit_kar2007, First and foremost, where was a breakout? Do you call a gap up opening and closing below the level of 1930 a breakout? The stop loss would be activated only if it closes above 1930.
And even if you bought it above 1930 out of ignorance of technicals, were you sleeping all these days? What were you doing when it broke below 1879? Can't you see the color of candles daily. Don't blame me for your own stupidity if you cannot handle your losses!