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SHAKTI PUMPS (I) LTD
Long

SHAKTIPUMP to revers it's downtrend from strong weekly support.

By sumedhb100
Updated
SHAKTIPUMP is has been in a downtrend for a long time. Now it has formed double bottom pattern on its strong weekly horizontal line support. Also is forming a bullish hammer candlestick pattern on weekly support line. This suggest that there is a strong demand for this share around this level. The stock has closed above the neckline of double bottom in hourly chart in the back of huge volume. It clearly shows strong buying interest. Swing traders keep this stock on radar and look to enter in dips. Swing traders may book their profit around downward sloping trendline. If it breaks that line then the stock will surely touch new highs in coming future.
Trade active
Note
Trail SL to 513
Trade closed: stop reached
Trailing SL reached
bullishhammerChart PatternsDouble BottomHUGESHAKTIPUMPTrend Analysistrendreversalpatternvolumeanalysisweeklyanalysis
sumedhb100
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