RELIANCE has formed head and shoulders top pattern on the weekly chart. The stock is hovering at the trendline, as bulls got rejected this week.
A breakdown from here can take the stock all the way to 200WMA of 2000 and perhaps subsequently toward 1830 support zone .
Keep an eye!
The chart of the stock Muthoot Finance (NSE: MUTHOOTFIN) is bouncing off its long-term, seven year old trendline from where it has taken support multiple times in the past.
The stock is also bouncing off 200WMA which has also been its long-term support since listing.
The chart looks bullish with ultimate target of previous all-time high zone of 1800.
GODREJPROP chart on the weekly time frame is holding at a bunch of old supports. The stock is bouncing off its 200WMA from where it has bounced every time it has touched, since the beginning. The stock is also bouncing off 1225 support/resistance zone.
Looks like a great buying opportunity for 1-2 years for the stock to go up and ultimately reach its all-time...
HDFCBANK has formed Head & Shoulders pattern on the weekly chart and is breaking down from its trendline at 1250 zone. Breakdown from here can take the price all the way to measured move target of 990-1000.
Note that 200WMA may also act as support at this 1250 zone and we may see the price halting here, hence 1250 is a crucial support zone for the stock. If held,...
Colgate Palmolive (COLPAL) has been trading in a 7-year long parallel channel and is now at the base of the channel. The stock is also trading near its 200 week moving average (green) for the last few weeks. The stock has never fallen below this 200WMA support in its life. As an example, during the Mar'2020 fall, the stock took support at 200WMA and bounced from...
JPYINR is resting at 200 week moving average (200WMA) on the weekly chart. The overall price action is bearish as the pair has been on a continuous downtrend since Nov'20. Will be interesting to see how the price behaves at this level.
Bullish forces can take the price upward as 200WMA can be a good support while bearish forces can take the pair further down...
SESHAPAPER is trading at confluence of multiple support zones:
1. Trend line support
2. 200DMA support
3. 200WMA support
Confluence of all these supports makes us bullish on this stock. Longs can be initiated with 225 resistance as target.
