SUNTV at very crucial levels in weekly timeframe. A second weekly closing above 565-567 levels can further surge the price of this gem to 650 to even 800 levels
SUNTV:
There are two possibilities like below
1) Take a retracement at support 546 and break 580 resistance as given in chart (Bull side breakout)
2) Break the support at 546 and reach 510 (Bearish side)
After a long consolidation, SUN TV shows a up move and on weekly chart excellent triangular pattern created. Which will give meaningful breakout and likely to cross its previous high.
CMP 555 Broke its resistance with volume touched 580, came back to test the neck line of 555. With consolidation ,one can see it breaking the 555 level again and this time would make a stop at 600.
ALWAYS PUT YOUR STOPLOSS 1ST
After long consolidation stock is Break the structure and move higher. if stock is sutten 550-560 levels we can accumulate stock
and major trend is also change stock in weekly tf MA crossover happen
THIS ANALYSIS FOR ONLY EDUCATIONAL PURPOSE
-THANK YOU FOR YOUR TIME
Highlights:
Broke out of a major resistance
Volume expansion
Bullish market structure
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
About the Company:
Sun TV Network Ltd is the second-largest television network in India, with 20 channels and 43 FM radios in several Indian languages. Sun Tv is the world`s no.1 Tamil...
The analysis is given on the chart
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it's a weekly chart of sun tv ltd, which gives a breakout on the weekly chart. you can see the resistance line I draw, its touch resistance multiple times, and now it finally gives breakout with volume
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