Rounded Bottom Pattern formed in a downtrend.
Waiting for the charts to close above 200.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
The trend seems to be forming a inverse H&S (see circle - marks what looks like a left shoulder)
Additional bullish evidence:
RSI is rising
Stochastic showing bullish
50% Fibonacci retracement is complete
For better confirmation must wait for 2-3 days more to confirm bullish trend
Technical : Cup With Handle Pattern Breakout Confirm!
technical Target : 323
Fundamentals Good :
(Fundamental Medium Term Target 700)
(Fundamental Long Term Target 900)
1.Total (Mkt. Cap) : 6418cr
2.Zero Debt : 0.00 cr
3. Stock PE : 10.45
MOIL has given a breakout in weekly charts & today it has crossed crucial resistance.
Buy into this strength at CMP of 383, SL - 361, for targets of 419.
Targets : 410-420 Buy Range : Above 356 Stoploss : 319 Duration : 2-3 months
Outlook :
Current chart structure of MOIL a participant from Mining & Minerals sector suggest a potential “ Inverted Heads & Shoulders pattern setup on the 3 line break charts.
This pattern is a reversal pattern signaling a bottom as it occurs following a downtrend. As...
MOIL: @ 307.25
Multiple HARMONIC Pattern One after One.
Last ONE Bullish BUTTERFLY .
Failed two times to Enter ICHIMOKU Cloud.
Third Attempt on the Way.
Though in between attempts Upper Band of Cloud Dip to Recent High @ 338 compare to Previous TWO @ 376.5, @ 363.9 respectively.
Hence much easy to Cross Above ICHIMOKU Cloud.
Best ENTRY Level @ 301 - @...
Seems like MOIL is forming a H & S pattern on daily charts. I have seen several smart chartists in this forum reporting it as a LONG.
Can someone help me in identifying whether this is a wrong pattern?
Buy this now, add on dips in Support zone
Target1 - 370
Target 2- 400
SL not required as of now, will review it later and provide one if necessary.
TimeFrame- 3-6 Months
