Stock has confirmed it's inverse head and shoulders breakout on weekly charts over the levels of previous close, it looks ready for a big upside move from here as tyre stocks are still in traction. A long position is recommended with the mentioned stop-loss for the mentioned targets.
Stock looks pretty much ready to show follow up buying in tommorow's session after today's big move and give a breakout over the levels of 650, once it clears this level stock is expected to be in aggressive bullish trend. Positions can be made with the mentioned stop-loss for much higher levels from here.
Stock has struggled to sustain over the levels of 120, once it gives a comfortable closing above these levels then stock can surge to really big levels from here. Keep an aye on its movement. Positions can be made above 122 with the stop-loss and targets mentioned on the charts.
THERE IS BEARISH ENGLUFING IN THE CLOSING CANDLE. BUT SIZE IS BIG BUT IF THE FOLLOW UP IS COMING TOMORROW THEN BUY AFTER THE RECTANGLE BCUZ ITS A RESISTANCE ZONE. AND IF ITS GIVES UPWARD BREAKOUT THEN BULLISH AS ALWAYS.
DOW THEORY IS CLEARLY VISIBLE IN THIS STOCK. WELL ENTRY COMES IN AFTER THE HORIZONTAL LINE BREAKOUT BUT ITS GOES FOR SWING. BUT IF TOMORROW YOU THE PENANT PATTERN IS BREAKING UPWARD THEN YOU CAN GO FOR 1:1 OR YOU CAN TRAIL IT TOO. BCUZ BULLISH MOVE IS STILL LEFT.
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i have provided the next possible move & the past of the chart as well
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