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Morning Star

Coforge-A perfect watchlist stock!Coforge is an IT services company providing end-to-end software solutions and services and is among the top-20 Indian software exporters according to Screener data. Stock has give 20% compounded sales growth in last 5 years which is quite remarkable. Hence, It can be a good stock to be kept in watchlist for medium to long term. Stock had given breakout of cup and handle pattern in weekly time frame and is now retesting the same. Stock has formed a kind of morning star pattern at the retest support zone. Need to watch if it sustains above this zone. As you can see, retest zone also coincides with 50% fib retracement which makes it even stronger. If we see good buying in this stock from here, we can see ATH levels soon and even bigger levels in coming years. However, If stock goes below 61.8% retracement, it is not advisable to hold.
NSE:COFORGELong
by chartistamey
13
PROTEAN - Bullish Flag, Morning Star, Fibonacci Retracement 38.2In the chart of "PROTEAN," a Bullish Flag pattern has emerged, suggesting a potential continuation of its upward trend. The pattern is characterized by a sharp upward move (pole) followed by a consolidation period (flag), forming a rectangular shape on the chart. The entry point for this pattern is identified above 1466, indicating a breakout from the consolidation phase. A stop-loss is set below 1410 to manage risk in case of a reversal. The target for this trade is set at 2000, aligning with the typical measure rule applied to Bullish Flag patterns, which measures the length of the initial pole added to the breakout point. Further reinforcing the bullish outlook, additional technical signals have been observed: A cluster of patterns, including a morning star candle formation on the hourly timeframe, signaling potential reversal or continuation of the uptrend. The prior pole trend exhibited a 45-degree angle, indicating strong momentum and trend direction. Fibonacci retracement level of 38.2% also supports the bullish bias, suggesting a healthy pullback within the context of an uptrend. Combining these bullish indicators—chart pattern, candlestick formation, trend angle, and Fibonacci retracement—provides a comprehensive technical analysis supporting a favorable risk-reward setup for trading "PROTEAN."
BSE:PROTEAN
by Arvind_Share_Academy
1