Actually I tried drawing ABCD over there but it looked to weird & on smaller timeframe I guess there is an ABCD pattern which justifies this up move in Justdial. I don't know why I see ABCD's only Lol !
I will search for other patterns or methods.... Either you can wait for Fib touch if you are fib user or bsaed on resistance n bearish confirmation you can take...
for educational purpose justdial just touched the fib .382 level of downtrend with doji at top means bulls are handing over the control to bears. sell below 533 with sl of 543.5 for target 520, 516, 495. rsi is in highly overbought needs some consolidation or some correction.
It is been observed on the Weekly and Monthly chart that the price action was trading below the downward trend line, indicated a downward rally. Now, after 2 years, it has finally broken and closed above the trend line, indicating a strong bullish move ahead.
Justdial has been trading in down trend and trading in a channel although channel is wide enough, now it is on the edge and it may be a deciding level whether there will be a breakout upward or further down side is seen, technically stock is not looking enough strong to break upside and it may trade further down ward from here with a target below somewhere between 300-280
JustDial's correction is potentially completed which also retested the breakout trendline around 78.6% fibs. One can go long on the stock at current levels with Potential Start of 3rd Wave Rally which would take the stock higher and at a faster pace. Short terms targets are around 750 and longer term targets are around 1000 levels and more. Details are on the...