1) Very crucial support formed on chart, (earlier it acted as a resistance)
2) Rounding Bottom formation (denoted by yellow dotted curve) breakout happened and now it is testing its breakout. (I am slightly bullish due to rounding bottom formation)
3) Stock is in a strong up trend
My view is strong bullish keeping eye on it for any buying opportunity.
* Pattern look likes Morning Tea and made a big rounding bottom pattern and breakout happened with high volume in weekly chart . All technical evidence gives a bullish sign for this stock .
Kindly Let us Know if you have any questions .
Formerly formed rounding bottom + throwback and then double bottom (intermediate) shows signal of strength. The only confirmation, waiting for is volume expansion after all time high breakout. Nonetheless bullishness is apparent NSE:HCLTECH
Rounding Bottom, Cup and Handle, Double Bottom all rolled into one chart on ITC (weekly basis).
The depth of the cup is around 80. That means it should go till 240+80=320 once the breakout is achieved.
Strategy: Buy levels:195-210 (due to recent Rs 5 Dividend). Hold till atleast 300. Time Frame:1-6 Months
(Only for illustration purposes. No buy/sell advice.)