Stock has given a clear inverse head and shoulders pattern breakout on weekly charts in today's session and looks pretty much ready to approach higher levels. Buying looks to remain intact and long positions can be taken.
The trend is an uptrend.
I have drawn a parallel channel. In it, the gravitational line is acting as a resistance line. The upper boundary and lower boundary has excess.
Price is moving out of the parallel channel creating the excess points.
The support points of the parallel channel are buying points .
"If you want to know where to place your stop loss, you must know the peaks of Support and Resistance."
Price does not move directly upward or downward. It follows a specific pattern to move ahead.
Support acts as a base. When the price will move twice or thrice on the support, the next time it might break out.
Stop-loss should be below...
Market Facing little bit of resistance at 76 region.
If it broke above it , You can see some nice rally near future till 82 to 83 .
Below 73.5 This setup is invalid .
Let see what will happen .
If you have any suggestion for me please let me know .
Glenmark has recently came into news because of the medicine it has started to produce for COVID-19. After the correction, its again at a point where buying more stocks is a great choice.
Please do your own research before making any decisions.
Why Tatamotors is a perfect buy.
Check Time frame 5 minutes
At line 1, price has pierced the UB band and there is no price action towards the lower band, so if the price breaks the line 1 at 68. 8, its a perfect buy.