Nice 14 week base showing signs of accumulation. good fundamentals. holding 50 DMA.
Pocket pivot on Thursday with good follow through. Entry above 1274.
Shows the change of character with pullback entry on 50 DMA.
CMP = 2957.70
Target = 3273
Stoploss = 2797
lot size = 250
At a support zone shares are accumulated for nearly 7 trading days and now on the 8th day there is a breakout with decent volume
It can be false breakout also so be cautious before making trading decision
so we can see a good upside movement ahead
Show your support by like And comment om my idea ....
Good accumulation shown in the stock backed with high volume in the weekly chart. The stock is in all time high positions. Adaptive as well as static relative strength above 0 lines with increasing comparative relative strength.
Larsen price havent moved significantly in past few weeks.
Any slight upmove followed by retest levels where it retrace near Fibonacci levels. ( Approx 38.2% in most occurrences)
Any significant volume upsurge is invisible and evenly distributed across weeks.
Heavy resistance near 1000-1020 levels.
If price crosses these levels with good volume, the result will...
Position's are getting created here (Consolidation)
The people who have good knowledge of
derivative can say whether it is accumulation or distribution.
If accumulation it will go up
if distribution it will go down
I do not have good knowledge of derivatives
so I will wait for breakout.
After nifty being weak, pharma sector is back in momentum again. With this momentum stock has given a breakout with good volumes and RSI in bullish momentum. Stock is trading at all time highs and the momentum seems to continue for few more sessions ahead.
NOTE: Key level for stock is 2540. It should sustain above this level.
SIMILAR BREAKOUT: DR. REDDY'S...
SBIN is in an accumulation phase after a nice downtrend. The market structure is very promising. If it breaks the resistance of the accumulation phase it will start a nice uptrend. Do keep a watch on it.