Ceat have took very strong support on the 1 yr trendline with good volumes.
Also formed bullish engulfing at support.
Today's volume is highest since 4th Feb 2021.
It has also given short term breakout.
The R1 is resistance on Daily timeframe and weekly timeframe too(Aug 2018 candles).
Let's see how it moves further.
I'm not a professional or very experienced...
The stock has shown breakout of the declining pattern of descending triangle, can be bought for targets of 1450 and 1500, the next 2 resistance zones.
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
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CEAT stock looks good to move towards TP 1380/1400/1420
R:R = GOOD at current Level - 1190/1200
SL - 1130
Disclaimer - I have Holding in CEAT
Please ask to best financial service provider before investment / own decision
nocil : after 3 month consolidation
stock SEEM to set for a QUICK run
to 170 /175 area
stop loss 134/137 area seem safe
after it sustain there
it is possible to kiss 190 area tooo
to cross 200 , ideally should take some consolidation
Date: 22 June 2020
CEAT CMP 935.50
Rising Wedge pattern can be seen in Ceat. Price has broken down the rising wedge pattern. Also stock is approaching down towards 200 DEMA. Stock is moving in a channel.
T1: 926, T2: 883, T3: 840; SL: 975
Target Date: 20 July 2020
Risk to Reward: 1:3
Potential profit: 10%