NSE:SOMANYCERA
Multiyear Breakout on weekly time frame.
Good to get entry only if stay above 715. It still faces resistance from higher level.
Let's see if it can stay and close above 715 in next week.
After forming a rounding base, Somany Ceramics is now forming a text book pullback pattern with price consolidating in a narrow range above the base. The resistance turned support line has not been violated during this period of consolidation and volume is drying up, just like how it dried up during the base formation. The company is likely to announce it's...
Right place to park capital here. Strong product portfolio and good demand of products are the reason of recovery from depth. Technically it has given rounding bottom breakout on weekly chart. Increasing volume also conforming the trend. Long term expected target is above 800.
Negative divergence + RSI failure + volume in selling and range expansion. Sell on rise around 400 sl 420 daily closing target 310
Disc : it's not an investment advice to buy or sell
Descending Triangle: Target: 327; confirmed with breakdown. SL: 440. (basis 4hr charts)
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
