Prestige Estate broke the neckline of the Inverted Head and Shoulder on the daily chart with decent volumes and it is looking good for an upside run. To confirm the validity of the neckline it has retested the neckline, took support and moving higher.
An inverse head and shoulders pattern is a bullish reversal chart pattern that indicates a potential end of a downtrend and the start of an uptrend. This pattern suggests weakening bearish sentiment and a potential shift in market dynamics towards buyers.
There is a sectoral tailwind also as all the realty stocks are outperforming in anticipation of the rate cut from RBI.
On the Daily timeframe, the stock is trading above its 11 day EMA and 22 day EMA, RSI is at 80 and MACD is above zero line, suggesting positive bias.
CMP - 1584
TARGET- 1870(25%)
SL- 1400
Disclaimer: This is not a Buy/Sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
An inverse head and shoulders pattern is a bullish reversal chart pattern that indicates a potential end of a downtrend and the start of an uptrend. This pattern suggests weakening bearish sentiment and a potential shift in market dynamics towards buyers.
There is a sectoral tailwind also as all the realty stocks are outperforming in anticipation of the rate cut from RBI.
On the Daily timeframe, the stock is trading above its 11 day EMA and 22 day EMA, RSI is at 80 and MACD is above zero line, suggesting positive bias.
CMP - 1584
TARGET- 1870(25%)
SL- 1400
Disclaimer: This is not a Buy/Sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.