Sterlite Technologies LimitedThis one stock is roaring bullishly in this bearish market, the stock has been rallying since the last three sessions and there seems to be no stopping in near time. After yesterday’s 4% rally, the stock again surged 4% in the early trade, as its demand is not seeing any signs of suppression. Finally, today it has given breakout with good intensity of volumes on daily time frame. If you think that the majority of the move has been missed, then you should have a look at the daily chart of the stock, which is eye candy to the bulls. Today, the stock gave a breakout above the trendline resistance of a symmetrical triangle chart pattern, after a long contracting range.
Also chart pattern like cup n handle was broken today, along with lots of indicators supporting same bias, also wave structure is suggesting bullish impulsive bias.
Elliot wave structure on daily time frame
Breakout from symmetrical triangle with good intensity of volume
Cup n handle chart pattern
Price closed above RK's Magic level and also closed inside Mass psychological cloud in daily time frame
MACD positive crossover and uptick above zero line in daily time frame
MACD positive crossover and uptick in weekly time frame
RSI uptick and above 60 in daily time frame
Price challenging upper band in daily time frame
DMI ADX positive in daily
Price above 50, 100, and 200 DEMA's
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
