Greaves Cotton appears to be at a point of strong previously proven support point. Also, the stochastic indicator shows a bullish cross over. Going long seems like the right thing to do.
Midcap greavescotton after making lifetime high in feb-march 2017 of 178 has been in correction since 7-8 months.On mahurat trading day pattern looks like breakout of falling wedge.Again this bounce has come from 200WEMA which makes its credible.MACD on weekly charts is oversold so this can be best opportunity for entering this script.Last 3 years strong support...
....... Detailed mentioned on Chart.
DIWALI to DIWALI INVESTMENT.
LONG @ 129 - @ 133 range for Expected 30%+ Yearly return.
Disclaimer: Only For STUDY. For Taking Trade Decision Consult Financial Advisor.
GREAVES COTTON entered into a rectangular consolidation in November 2014 after stupendous rally, then entered into a consolidation mode for 2.5 years. The breakout has happened with large volumes, followed by retracement and upward move again. Put a Stop Loss at 143 and go long for a target of 210
Greaves Cotton is on the verge of a breakout above 167 . Long Position can be considered with a Stop Loss of 162.5 and Targets of 168 and 178 . Will go much higher once crosses 178
Price seems to be breaking out above 162, from a weekly consolidation zone. An interesting long setup here.
Will add longs on a smaller retracement day.
