Petronet is moving in the ascending wedge pattern, respecting the lower base of the wedge, every time it touches, it bounces up from it. It has done that 4 times now.
As it has broken the upper base of the wedge pattern and closed below it after days of consolidation. It seems that, it will correct till 277 level taking support of the 50% fibonacci...
This stock is continuously making higher highs and now it has breached the upper band of the wedge pattern. It has good support level of 525/513.
One can keep on accumulating it at every correction. SL 504 closing.
HUL is moving in an ascending wedge pattern, which has already tested lower levels 4 times thus, acting as a major support.
On the upper side it has tested the upper band 3 times, and again showing correction - genuine to this pattern.
Safe investors can wait till it reaches the lower base and then make a Long position so that we can ride the...
1. As per the chart, nifty is formed double top & raising wedge pattern also seems ascending triangle pattern. As per the pattern formation nifty should come next resistance of 11371.
2. Fib level swing high to swing low is showing .5 fib level ( golden ratio) 11371..
Most probably we expect nifty will fall in coming weeks.
Target is 11371.
Piramal Enterprise has fallen 38 % from its peak.
It has bounced from its long term monthly support .
It has formed nice base and now the price is breaking out.
For a target of 2070 it has upside of nearly 20 percent.
Stop loss can be kept at 1670 (4.3 % below the current market price)
20 / 50 MA firmly behind the price should give good support.
Risk Reward of...