After the breakout of the downtrend parallel channel, COLPAL made retracement 38.2% of the Fibonacci level. Once it breakout the resistance level of 1510 then we will get next projected target of 1560+.
Buy COLPAL Above 1510
Stop loss 1494
ON DAILY CHART HIGHER HIGH FORMATION IS CLEARLY VISIBLE & ALSO VOLUME IS ON HIGHER SIDE WHEN PRICE IS MOVING UP
SUPPLY CAME IN ON 8TH OCTOBER WITH EXTREMELY HIGH VOLUME FOLLOWED BY SErIES OF WIDE RANGE BEARISH CANDLE.BUT VOLUME IS RELATIVELY LOW SUGGESTING IT MIGHT BE A RETRACEMENT
ON 15 MIN CHART,LOWER LOW STRUCTURE WHICH FORMED OVERS PAST TWO...
Bank Nifty Might go through a short term retracement and continue its bullish move for next week. Seems US elections will settle down as we know who is next president already. SO market should take this positively.
This Chart gave a breakout sometime back. Now again looking at chart it seems little interesting to me. I will post few different views that I found interesting.
Lets start with weekly chart.
A hammer on weekly chart means someone did push this stocks price up. but it may be a fake signal as well so adding to this i will...
Keep an eye on M&M it has given a suspected breakout from parallel channel and retracing back to original level. If this isn't a breakout hen their is a chance of upward momentum in upcoming days.
Reason to Buy:
1) Possible breakout from parallel channel formed in daily time frame.
2) Holding higher levels.
Safest entry point would be at 659.90 levels or...