TV18_BRDCAST Lifetime breakout

TV18 recently broke its lifetime high that was made a month ago.Its retesting the neckline afetr a small breakout. Awaiting a reversal of breakdown in the channel.


a 30 % upside could be seen!
+2 Reply
Einstein15 pratik2358
@pratik2358, Yes, looks like it.As long as it holds the 64 level which is marks the neckline from 2012
riyankok Einstein15
@Einstein15, Don't you think one can short with SL of 69 instead!?
Einstein15 riyankok
@riyankok, Yes. Thats why it says Breakdown/reversal zone, coz it depends on how it will react to the yellow zone first and if it breaks, the reaction to the 64 zone, which is the previous to previous high of 2011/12. I;ll say small targets along the direction of Nifty, since NIfty is yet to take a definite longterm direction.
@praveen.bhatia What do you think about this one?
@riyankok, @Einstein15, My View on it : The stock is at crucial level. It has nicely formed rounding bottom pattern nicely as highlighted by Einstein and gave breakout and retesting the neckline so there is good possibility of bouncing back and continue the upward journey. It has formed another reversal pattern Three Drives on the Top, it it comes into force we could see a reversal. Market is supreme let's see what it wants to do in this particular stock.
If you look at the monthly chart it is near a supply zone at around 69 and there are chances it might break but according to current market conditions, I'm not sure if that will happen.
84 -87 targets quiet easy to get in upcoming 2 months