Technical : There are 2 patterns in the chart for 1hr
KEEP AN EYE ON
1. Flag pattern
2. Double Bottom Reversal
3. RSI Divergence
The breakout was confirmed on 12/11/2018 11:15am Candle @183
Technical Target : 207
(Fundamental Medium Term Target 250)
(Fundamental Long Term Target 300)
1.Total (Mkt. Cap) :...
Kajaria ceramics has formed two pattern which are very strong and bullish patterns in nature.
The only difference is the time-frame
It managed to form "Double Bottom" on daily chart(strong buy)
It managed to form "Ascending Triangle Pattern" on weekly chart(positional long call)
Although the Action/Reaction method as taught by Andrews is a very good trading setup but is less known by Indian traders so am explaining it step by step.
First we draw a Multi Pivot Line : A line drawn across 3 or more pivots without touching prices in between.
The next step is to locate a previous low or high pivot point to use for drawing an action...
In weekly, double bottom formed then breakout happened above neckline, also round bottom formation is in progress,
also candles are pushing the upper BB upward and BB is expanding
with a sl - 93, 1st tgt - 132, 2nd tgt - 168, long term tgt - 229
Double bottom break out and oscillators are positive, MACD cut in weekly chart. These indicators may help it to move up further
Double bottom formation done. Waiting for breakout at 66.10. MACD cut will happen on coming days. Stoch also moving from oversold region.
Target range :62,66.
After breakout the double bottom range on upside Target is 74-78