BSE HEALTHCARE - New Rally ?BSE Healthcare index has broken out of a triangle resistance. Similar patterns visible in some stocks. We may be starting next leg of the rally.
HC trade ideas
Buy BSE Healthcare index (Target: 1900)BSE Healthcare Index has broken resistance of both its long and short term ranges. It is now on an uptrend and provides opportunity to take accelerated profits.
The first target is 18000, which comes from the starting difference between the resistance and support of the short term range (~2500). Having broken the resistance at 15400, we can now expect it to trend upwards upward towards 18000 (15.4k + 2.5k).
The long term target is 19000, as a result of breaking the long term resistance at 14800 (plus the starting difference between the resistance and support of the long term range ~ 4200).
Note that the long term target is also close to the all time highs the index reached in 2015. I expect it to settle into a range after reaching this price.
Good Luck!
