010 RELIGARE Monthly Rounding Bottom, Expected to reach at 600
RELIGARE
Financial Service Company, Including loans to Small and Medium Enterprises (SME)'s, affordable housing finance, as well as retail broking and health insurance. REL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.
- Monthly
- Rounding Bottom - Old breakout of 2017 is crossed successfully at 76.
- Next immediate price is 236
- Rounding Bottom is a trend reversal pattern
- From the OBV chart it is a breakout to the previous volume high in previous months and such data is not available in the past. so overall it looks to be a great opportunity to stay tuned for the bullish pattern.
Weekly
- The Big resistance was at 75.85
- The next level is 200+ nearby 234. Let's hold it till 200
- It's a rounding bottom pattern, 2017 levels have been crossed and then it is a clear continuation of a bullish pattern
- From Volume Chart the 1st breakout was on 3rd May and then again on 24th May. will keep track of Volume and keep adding position for Flag or intermediate pull-backs.
Daily
- Nicolas Darvas box theory, the price is moving up with an offset of 15-25 points
- The level to watch is 147, if it closes above 147 then its good to buy again up to the target of 200
I am in for the weekly uptrend . Will keep you updated.
Image Link: https://www. tradingview. com/x/NVshbUy6/
https://s3 .tradingview. com/snapshots/d/dYGs7TMK.png
Thank You!!
Avinash Sawant
Financial Service Company, Including loans to Small and Medium Enterprises (SME)'s, affordable housing finance, as well as retail broking and health insurance. REL is listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India.
- Monthly
- Rounding Bottom - Old breakout of 2017 is crossed successfully at 76.
- Next immediate price is 236
- Rounding Bottom is a trend reversal pattern
- From the OBV chart it is a breakout to the previous volume high in previous months and such data is not available in the past. so overall it looks to be a great opportunity to stay tuned for the bullish pattern.
Weekly
- The Big resistance was at 75.85
- The next level is 200+ nearby 234. Let's hold it till 200
- It's a rounding bottom pattern, 2017 levels have been crossed and then it is a clear continuation of a bullish pattern
- From Volume Chart the 1st breakout was on 3rd May and then again on 24th May. will keep track of Volume and keep adding position for Flag or intermediate pull-backs.
Daily
- Nicolas Darvas box theory, the price is moving up with an offset of 15-25 points
- The level to watch is 147, if it closes above 147 then its good to buy again up to the target of 200
I am in for the weekly uptrend . Will keep you updated.
Image Link: https://www. tradingview. com/x/NVshbUy6/
https://s3 .tradingview. com/snapshots/d/dYGs7TMK.png
Thank You!!
Avinash Sawant
