After a minor correction in the first half of August, the stock of Deepak Nitrite rebounded from the support band between ₹550 and ₹570. It rallied and is now retesting the all-time high of ₹673.35. The major trend is bullish and the stock has formed higher low in the daily chart. Going forward, the scrip can breakout of the prior high and witness a strong rally...
After a Bullish Trend, it tends to consolidate for some time and again continues its prior trend.
33% , 50%, 66% retracement level, is the level in which most bounce back and continue the prior trend.
It kind of forming a FLAG pattern to.
Volume looks good too.
This is weekly chart of LT on NSE (INDIA) with CMP @ 1295. It looks good for a long trade based on following observations:
1. Trendline drawn indicates that it has been tested thrice which establishes as strong support (shown with arrows on chart).
2. Similar formation in previous occasion in Jan 2017 as marked on the chart that it's likely to behave in similar...
In Uptrend on the weekly and daily chart
Price is respecting the trendline
When the price touched the bottom trendline Stochastic was at oversold and recently pierced up
Close: 916.25 | Pivot - 903 | R1 - 972 | R2 - 1013 | R3 - 1082
It seems, M&M bounce backed with healthy volumes and high % returns in a day trade once it goes down. Considering that now again it went down and at support level, can we expect an healthy bounce back again?