AMARAJABAT breakout in cupAMARAJABAT broke out of a month long range,
testing the 618 fib resistance.
break above 618 can give a good upside.
Pessimistically, watch for the false breakout.As it can be a classic DISTRIBUTION move, to take out all the stoploss_buy_orders sitting on the top of the range level ,before crashing down.
AMARAJABAT
Safe bet for 20% returns in few monthsIt looks Amara Raja bounced off channel support and bollinger bands lower lines.
Amara Raja - Long Term Buy Break over long term weekly downtrend line will push this up. Further support taken yesterday and today is near about 66% of 93 (915 - 822) from the fall of 915. Which indicates probable formation of cup and handle at 915 level. If it happens, then reverse H&S also being formed at 915 on daily chart.
Should go long in this stock for long term with SL at 821 and with target of new life time high in long term (i.e. 12 to 18 months). Short term SL can be today's low.
Disclaimer : I am holding this stock.
AmarajaBat Looking Weak aheadIt is been observed on Weekly and Daily Chart that the price action is forming lower lows and lower highs indicating a bearish move ahead. It has also broken previous support of 840-850 levels. Now, it shall further dip down.
Target 1: 825
Target 2: 800
Stoploss: 850
Amara Raja Battery near its strong support. Add in-between 840-846 only with a strict stop loss of 835 on closing basis. with immediate target of 860, 883 and 915
Amara Raja Batteries short term viewAmara Raja Batteries' price failed to breakout inverted head and shoulders.
Long Amara raja batteryGood bullish formation. Breakout of consolidation will lead to targets of 1200. Risk to reward ratio 5:1
