A Tale of 2 Parallel Channels Awaiting the breakout at the intersection. Divergence Spotted.
Comment
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So it seems the Ascending channel is providing a resistance. Well, the overall sentiment of the markets the past week was also in the negative so we can't really say this resistance was stiff since it still managed to hold on to its previous week price in spite of slipping during the week.
Having said that, any entry here should be only when it crosses 150 on closing basis. Till then it is just a watch and observe stock.
From my reading of GMMA, the stock is poised to go lower, probably to a price band of 100 to 115, where it is likely to consolidate for accumulation and then start moving up again. I will watch this stock closely.
@CautiousChartist, A close above 153 should be a sign of bullish reversal. I am hoping it happens in a couple of sessions. We can connect the lows on 7.9. and 20.9 to create a trendline which should serve as the stoploss level if it is broken on a closing basis.
CuriousChartist
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@Kesari-Bath, U r right .. For me all I need is a close above 150 and I'm good to go.
Kesari-Bath
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Price action on 14.10. indicates the end of accumulation and start of upmove. I have a short-term target of 169. Thanks for unearthing this stock.