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Failure of OFSS Daily BO; let's see if it closes above weekly BO. 4th attempt of breakout.
Resistance Breakout with a big Candle. Any correction towards the breakout level will be bought out. So our SL becomes small.
OFSS broke multiyear high with good volume.
MAde very good pattern which is saucer shape. Saucer shape is highly bullish pattern.
1st target is 6930...which means 2400 appx tgt
looks good on chart should be bought on correction as the current move seems over extended.
weekly cup and handle
Qracle Finserve_Breakout above 4202/-can move big
shorting opportunity in ofss ,level mentioned in chart.
(all trades are positional and SL are CBSL)
Short oracle fin srv in the resistance zone marked between 4286-4350 / Target 3950-3775 /Stop Loss 4411
1) Breakout of 6 months bearish trend this week with large volume -- RSI also in overbought zone
2) High Delivery and OI volume in last 3 days
3) USD INR making new lows due to dollar strengthening
4) While other IT companies even Wipro made new highs, ofss has been laggard
5) 73% owned by Oracle 20% by Institutions majorly FIIs- RoE-31% but profit growth has ...
#OFSS trading at important level 3,800 to 3,750. If stock able to hold 3,850 than you can see level of 4000-4200++ and if stock close below 3,750 than we can see 200-100 point fall.
Expect fireworks soon in the stock with the IT sector doing very well.
Sustaining the good level, seems the target can be achieved in the next week.
1. Bullish Engulfing
2. Positive indication in RSI
3. Taken support from 200DMA
4. 6 % Short covering
Provided NIFTY is support.