after a long consolidation for more than 2 years stock broke the range
with a solid candle one can enter the stock at cmp to pull back towards 750
for target towards 825/850
The price has crossed above the Bullish triangle pattern with a higher volume in weekly chart. Slight correction could be seen around 800 levels probably due to profit booking. The stock is not likely to fall below 680-690 levels as this level should now act as support. For more than one year outlook you can buy now around 750 levels. Traders trying for period...
As seen in the weekly, price gave a breakout from an Inverse Head & shoulder formation, along with downwards sloping trend line.
Price sustained the breakout & also 38.2% Fibonacci retracement.
Upon its weekly close, expect some dip before resuming its bullish bias.
After achieving its initial target of 755, an immediate levels of 850/940 as the next targets.
Price bounced after taking the support near the long term trendline at 438.
Breaks the downward sloping trendline & also completes a pullback before resuming its uptrend.
Sustaining above 680 could make the price move towards 755/852/950.
Birlacorp is looking Bullish on chart & it is also forming Trendline which is steeper & testing multiple resistance level on higher side. It is advisable for the traders to adopt buy on dips strategy for the upside target of 640 & 660
The thick green lines are basic Action Reaction lines. Andrews Pitchfork is a subset of these Action-Reaction lines. Things look bullish whichever way we dice this chart. Am planning to buy at least a token quantity in this stock today !
Plan your trade & position-size judiciously !!
BIRLACORPN
