this looks good. with double bottom in place and diagonal line breakout , its on rising line having immediate resistance zone around black line! slowly it will inch higher, if i initiate the position , i will go long. it has smaller patterns but i choose to not put it up here. they arent as clinical as they should have been.
HDIL:22 is showing a positive divergence after breaking the long term support
can make move towards 37 and on crossing this level can take the stock to 53.
An improved quarter can overturn the scenario from bearish to bullish till then it is a poor show.
It has been observed that the price action firstly breaking above the downward channel and now initiating to form a higher high and higher low sequence indicating a reversal in the price action.
As per my analysis, price action shall further move up to the below targets.
HDIL (NSE) for some time is trending in a rectangle and currently at a very strong support zone. It seems to be bouncing off it. It a good opportunity to go long. I am waiting for 1 day candle to close above 52. RSI shows a reversal however MACD is yet to cross over.
Three things to keep a note of-
1 day candle closes above 52.
MACD crossing over