Chart pattern long strategy
Chart Posted for Educational Purposes only.
* Two chart pattern completing at the same time (Cup & Handle and Rectangle ) in Monthly time frame High conviction set up . Just before the breakout of C & H pattern made a rectangle pattern also .That very much convincing the reliability of breakout . *Price has also trading all the important moving averages. *If we look at the volume part, significant volume...
Chart of the Week for this week is Siemens India. The stock had hit its resistance at Rs.1720 and is now heading towards the support of Rs.1565; if Rs.1565 is broken down then shorts can be added with a target of Rs.1460; otherwise one can add at the immediate support level or buy after the resistance of Rs.1720 is broken for bullish side trade.
Axis Bank looks like a good buy candidate as it has given good breakouts on all trendlines. Even a downward sloping resistance line has now been cut and should act as a support. Another rationale is that other banks (ICICI Bank, Kotak Bank, HDFC Bank) have run up and are at 52-week high/ATH. Maintain Stop Loss at Rs.640 and targets at Rs.765 and then at Rs.820...
#Drreddy # expect a breakdown below 5100 & a good downside rall Levels plotted on chart