Monthly charts represents series of data points where each data point is comprised of the price movement for a single month of trading.
This chart type has been used for a long time by traders and typically applicable for long-term trading.
Look at NIFTY's monthly charts beautifully following the Pitch Fork. It looks like the index is peaking out by Jan 2018 - 10500 odd levels? ( Guj, Himachal elections, earnings degrowth) and might continue in a downward spiral for the next 10 months till the 2019 elections?
In case of a deep fall, then market might reach 9000 levels.
Expert opinions please??
It has been observed on monthly chart that the price action breaks above strong resistance zone and shall further move up as buyers are now in control.
Fundamentally, the company have recorded highest quarter sales, and also sustaining growth in net profit margins, which has boosted the momentum in the stock.
Long term view:
T1- 180
T2-210
SL -140
Short ...
If this stocks manages to sustain above 86-90 .. 120 should be up pretty fast. Above those levels 180 and 220 next up.
Also note - this is Monthly TF, so take your decisions accordingly.
