Meghmani being a fundamentally strong company saw a drop of some 12% in past 4 trading sessions. I am a beginner in reading charts. I have tried to plot my understanding of the chart and basis that have asked a couple of question on triangle formation and neck and shoulder formation.
It would be of great help if someone guides me on whether my analysis/ observation is correct or not.
nice work man .... u seem to be a quick learner aright as far as my study is concerned this stock will fall and will make a bottom around 78-80.... 78 is a great support upper side is capped around 106 is a great resistance so lets c whts in store and yes you are doing good with chart study
Hi, head and shoulder seems to be the pattern emerging here. We will have to wait and see if the next peak is anywhere between 113 - 125. If stock reverses from this position and does not hold 105, there could be immediate down trend confirming the head and shoulder pattern. However neckline should be marked at 105 level where you have drawn the line and where you have mentioned neckline should be left shoulder and head i suppose. ( i am beginner in chart reading too)
A VERY GOOD WORK, IT WILL NOT GO BELOW 100 RATHER IT IS AT SUPPORT AS YOU POINTED OUT, VOLUME IS A CONCERN, ONCE VOLUME INCREASES AND PRICE RISES THEN ALL THE PATTERN YOU EXPECT IS ACHIEVED. AS NOTED IT IS A FUNDAMENTALLY STRONG COMPANY BUT THE OPERATOR IS DOING ALL HIS JOB, WE WILL WAIT TILL HE COMPLETES HIS JOB, MAY BE HE IS DONE WITH. THANKS KEEP POSTING PEOPLE WILL FOLLOW -GBU