ISLAND REVERAL PATTERN
After significant rise in overbought zone.
As long as the gap is not crossed or the peak is not crossed
Further upside may not be seen.
Immediate bias could be for near term to short term correction
before making attempts to move higher above 1091.
Upside could be stalled considered the gross under performance of the stock.
The March Crash of 2020 saw it test the peak of 1992.
Even as peak were made in 2007-2008 time. The stock still remain in the peak around range of 1992.
Therefore, overall the stock has been gross under performer to overall market.
Now that is has crossed peak of 2014 and 2018.
The stock gearing up to for a multi year bull market.
But it could resume upside journey once breakout above 1092 is witnessed.
But before that may show some effect of ISLAND REVERSAL
to create correction and consolidation .
It could resume retracement of the rise from March 2020 low.
Correct to retracement levels and then move subsequently up.
LET SEE HOW IT WORKS in to Price chart analysis behaviour
After significant rise in overbought zone.
As long as the gap is not crossed or the peak is not crossed
Further upside may not be seen.
Immediate bias could be for near term to short term correction
before making attempts to move higher above 1091.
Upside could be stalled considered the gross under performance of the stock.
The March Crash of 2020 saw it test the peak of 1992.
Even as peak were made in 2007-2008 time. The stock still remain in the peak around range of 1992.
Therefore, overall the stock has been gross under performer to overall market.
Now that is has crossed peak of 2014 and 2018.
The stock gearing up to for a multi year bull market.
But it could resume upside journey once breakout above 1092 is witnessed.
But before that may show some effect of ISLAND REVERSAL
to create correction and consolidation .
It could resume retracement of the rise from March 2020 low.
Correct to retracement levels and then move subsequently up.
LET SEE HOW IT WORKS in to Price chart analysis behaviour