Granules is in the process of completing an inverted head and shoulders pattern. Can only be bought once the pattern is completed around the levels of 149. Once trading comfortably above 149 with high volume, the Stop could be placed at 145 and an initial target of 157 would be very likely . Will fly above 157 .
Rising Wedge pattern on Granules India and the price will fall after taken out the pattern....
Trade:
Short - 132
Target 1 - 120
Target 2 - 106
Stop loss - 145
Granules has resumed its up trend today,
Wave pattern suggest it is in 5th wave.
Currently within 5th wave , 1 and 2 is over and 3 has started today.
This upmove could target 166 levels. Lets see how it goes
RSI Divergence in double top area is showing the potential weakness. The pseudo upthrust bar yesterday with big volume is another confirmation for the potential short today with Stop Loss just the high of the previous day bar.
The stock has formed a beautiful MPL and Action Reaction method is suggesting that price may get reaction at this level. One can short the stock now with appropriate stop loss and can expect the price range 116 - 114. RSI is coming out of Overbought zone confirming the potential short.
as we can see gap down in the stock prices and price below 8 ema and bearish divergence there that is indicator making higher highs and price making higher lows there
