HATHWAY has broken out of a 1 Year Cup pattern. The resistance is lasting for over a year and it has tried to break it in previous 2 other cup patterns but failed. Breakout this time has good volumes and High RSI. Coming on a day of very weak market, it is outshining. But has to stay above this breakout level to sustain move.
Hathway ltd formed a falling wedge pattern and
tested the major support zone.
the trend can reverse and bounce towards the resistance zone of 50.
the risk-to-reward ratio is very good in this setup.
##Daily chart view
detailed analysis is on the chart.
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Post covid sessions are testing the lower circuit which support hits, movement towards decline over the period of time. Presently on the move from August to January pathway and next August its good way long term upside. Greens are target line up, purple box is good buying spot before earnings date. As well as Yellows are previous testing catalogs.
1. Today we'll discuss another stock which is HATHWAY CABLE & DATACOM LTD
2. Today Date is 16-09-2021
3. Currently stock is trading at 24.50 which is shown in candle chart.
4. There is quick Technical Target 27.90 which is shown in image above, which is approximately 13.30% gain. Because stock is now trading in perfect range as per my analysis.
CMP - 28
Stop - 19 on DCB
T1 - 40
T2 - 75, Review at 40
Expected Holding Period - 60 trading days or earlier for T1
Ideas being shared only for educational purpose
Please do your own research or consult your financial advisor before investing
NSE:HATHWAY is looking headstrong with aim to cross all time High. If it successfully surpasses the Rs70 level, Rs90 should be next target.
There is good momentum in the stock and surely the resistances should break with a time horizon of 10-12 months.