SBCL: Chart update with Split Effect | Happy Diwali 2022!SBCL: Shivalik Bimetal Controls Ltd
Stock split on 12-Oct-22
This post is just an update for the Original chart idea published on 10-Aug-22 for Breakout (Linked in description)
The earlier BO happened on 10-Aug-22, with Gap up at 485-490 levels i.e. 320-325 levels, Ex-split price
From there it went all the way to 760 on 3-Oct-22 i.e. 506, Ex-split price.
Now, looking at the chart,
We got too quick rally after the PC-A Breakout as stock split news came into picture.
Now touching the recent highs, script is in down trend and,
It will have some consolidation effect for some more time in short run.
PC-B1 = PC B2
B1 and B2 are exactly same in slope and width.
Both the PCs B1 and B2 were formed trend for BO of PC-A
Also, at the Break out of PC-A at both the times, BO-1 & O-2, candles respected the PC-B1 & PC-B2.
#WondersOfPC
One my book partial profit say of 20-30% of the holding, and wait for better opportunities to add more.
Next support areas: 440, 420 and 390.
IMO, if script does not holds and overall market continues to be in red,
we may see it at 375-380 levels during Nov End to Dec beginning.
If situation becomes favorable from here, a strong close above 475 will be a good level
to add more for upward target of 560.
My view is bullish on SBCL in long run and I find fundamentals are strong to pick it for PF.
Do consider to go through my chart idea of SBCL published on 10th Aug also.
(PS- I won't be online, will not post new ideas for coming month, will see you after 16-Nov-22.)
Keep studying charts, keep growing and keep your capital safe.
Happy Diwali 2022!
