SKF India closed at an all time weekly high of 2549.05 this Friday. It has also managed to break out of a 4 year old rising channel (clearly marked on the chart). Both events represent strong upside momentum and make SKF India a great medium to long term buy at this price
Target : Fibonacci projection gives us targets of 2770 (1.618) and 3780 (2.618) and...
It has formed a CUP on daily timeframe without a handle.
Good accumulation at lower levels.
Depth of cup is less than 35% - indicates strength
Expecting it to move sideways for a few day
Might form a handle
and thereafter a possibility of a breakout