Beauty of big M pattern is the good reward potential of reversing the complete trend from where it has started. We can see that stock has formed the pattern nicely and with little luck one can expect the price to the level of 90 which is a good reward. Stop Loss I leave at your discretion on your risk taking capacity.
Disclaimer : All ideas are my personnel view....
Closing Price 112.1
- the stock has seen a consolidation phase of 8-9 months from Sept 2018 till later half of May 2019 when it gave a breakout above the green zone
- looks good on any dips towards 104 or crossing above the yellow zone (closing above 122)
- target for the current set up 134 / 148 / 158-162
- SL if weekly closing is below 97
BEL: Perfect place to short. Close to trend line for reversal.
Indication from today's trade details:
- Decreased in Delivery %,
- Decreased in Volume
- PCR: CALL wind-up and increased in PUT
BEL has come out of multi week consolidation pattern. Volume on weekly breakout is high. BEL is all set for 124 level with stop loss below 101. Buy around at 109-106 range.
Note : We have already bought BEL in our portfolio.
Buy BEL above 95.50 with stop loss below 93 for target 99-103. Half hourly stochastic has turnover above signal line. It has taken support on very short term trend line.Once it crosses falling trendline, then we can expect upside move.