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BREAK OUT OF DESCENDING CHANNEL
It is been observed on the daily chart that the price action is breaking above the trendline resistance, indicating further bullishness ahead. It shall further move up as higher lows also formed.
stock is in down trend
bounced from low
it's seems the original trend is resuming
below 406 towards 401/396/389
It is been observed that the price action is trending up while forming higher lows. Now, it has broken a strong resistance zone of 435 - 438 levels and now shall move fuel up further up.
Target 1: 445
Target 2: 455
stock has given a positive breakout with better volumes
Castrol India seems to be on the way for breaking it's weekly resistatnce. Can easily do 460 once it closes above 417 on a weekly basis.
as we can see there is bullish harami and price above trading above 8 ema and the overextended downward prices and stochastic in oversold level can be and opportunity
Clean 5 wave decline...corrective rally OR a new long term upmove should being as long as price holds 340 levels.
Recommendation is to BUY on all declines till 340.
A clean 5 wave decline on day timeframe. Holding 360 levels, price should do a strong rally
On Month timeframe : A seemingly A-B-C correction going on...to an outer extent of 320 levels.
Summary : Add now on all declines in pyramid fashion.
Broke The Trendline & Cloud.
All Indicators are Bullish.
But be Patient for a Test of the Trendline and More Important, for the Nifty to Start Uptrending again.