Torrent power is forming rounding bottom in daily/weekly chart. The level 245 - 252 will be crucial as the price action will try to break the resistance. Jan 19th daily candle with high volume indicates investors have accumulated the stock around 190 - 195 level. The rounding bottom or saucer bottom is a long term reversal pattern which indicates a shift from the downtrend to an uptrend. This pattern forming in the daily/weekly chart indicates this script is turning from bearish to bullish . When buyers enter the market at a low price, it increases the demand for the stock . Once the rounding bottom is complete, the stock breaks out and will continue the uptrend. Keep it in the watchlist.
Comments
shiv2798
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I believe you should start trade information center/ Trader couching center , You can charge around $ 500.00 to $ 750.00 per Course ( Price in USD ) , because to teach this kind of technical trading skills the Minimum charges in US is $ 5000.00 ( Price in USD)
I personally feel these people should get some discounts , so you can go with 750 or 1000 USD per course
Please invite me also I will try to learn form your
Best Regards
Shivakumar
vanathi
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@shiv2798, I never thought I can analyse well before posting ideas here. May be I have teaching skills. Sure if I start to teach, I will invite you first.
rajiv1000
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Add in my watch list .thanks for your analysis.my whats app no 7781874173 pl add me...rajiv
@vanathi, thanks 4 your reply something add in your analysis i think torrent power will have some correction due to rsi in just touch probably overbought zone.before next up move it will retrace to near 225 .atr also showing it is high.so it wii godn . What u say about my level
vanathi
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@rajiv1000, Price action just filled the gap between 210 and 222 which indicates the stock is bullish. If it retraces to 225, the pattern will be like cup and handle formation. Any how the stock is bullish in long term. Thank you for sharing your view.
MaheshVakharia
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@vanathi, Good Morning
Nice one from your eagles eye. How much Quality Time you must have devoted ?
Secondly I too felt what Shri rajive1000 felt. You removed my doubt.
Is isbetter to wait , till it cross the previous top , so as to avoid Triple TOP .
Your guidance. Regards.
vanathi
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@MaheshVakharia, Good morning. I am still training my eyes to see chart patterns fast. Same chart I will be seeing for hours, but good trading ideas come in a fraction of second.
rajiv1000
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@vanathi, yes i am also same thing want to say .it is in my view starting cup and handle formation. So i am waiting .i saw this formation some days back in cantabil retail on monthly chart and after break out near 70 it gives 20% return
vanathi
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@rajiv1000, These bullish patterns give good returns.
I personally feel these people should get some discounts , so you can go with 750 or 1000 USD per course
Please invite me also I will try to learn form your
Best Regards
Shivakumar