Birla cable is forming Ascending triangle pattern which is most profitable chart pattern but keep an eye on tradeline once it is broken, Heavy sell can occur in no time.
Trendline is the wall of Ascending triangle which should not be broken if you are positive about the upside move.
The Best way to follow my Analysis is if the following conditions...
After making of H and S pattern a massive downfall is scene in the stock as can sustain below given levels it can show trend reversal .Currently stock is sustaining by support of 200 MA on daily chart.
Birla corporation's stock price is near the supply zone. If the price falls from here, go long at the demand zone and if the price manages to break the supply zone, go for a momentum trade position.
The bullish bat pattern sets the demand zone and below this demand zone, a huge fall could come. Below the demand zone, the downtrend will be confirmed because it has...
Birla soft broke its narrow range (by making symmetric triangle) and its long term (2 yrs) resistance (174) in previous day session with good volume, this is its second attempt to break this level. Its a good and safe buy above 188 if sustained for new highs WSL 175.
If retraces back to 176-174 and makes a good bullish candle then its the best scenario to buy this counter.
Stock has had bounce in the month of August 18, however since then its struggling near that month's high i.e 200-215.
Currently stock has formed Gartley Pattern .
