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I'm very excited to share this analysis with you all. Colgate-Palmolive (India) Ltd chart's just made me speechless.
This is weekly timeframe.
I have heard many time in market that history repeats.
And today I witnessed it as I found this.
Same pattern, same formation of trend line,
multiple time "U" shape formations.
The pattern, previous time it took...
No PDL break since 10 days. When it does, Be there to short! (with stoploss)
If it does not break PDL, Do not short!
One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which...
Breakout is visible above trend line
Stock retested the weekly resistance after touching the TL on 17. 05 .21.
Good to buy if price sustains above 1640 for few 15 min candles or a hourly candle with the support of 1595
The stock has given a slopping channel breakout with a good delivery volume. RSI indicating continuation of the trend. ADX also indicated strength in a positive trend. We can expect price movement up to 1700 in the near term as a channel target.