Rally in Stock has streteched its Price far from its average price. We can expect a turn around for some correction. Disclaimer: View for Educational purpose only.
Rounding bottom Pattern Rounding bottom Pattern Rounding bottom Pattern Rounding bottom Pattern Rounding bottom Pattern
As can be seen from the RSI (green line) the stock rebounces once it approaches 54-55 RSI. Also one can see the sale volume has reduced drastically and the price is approaching a support zone. Buy 67-70 Target 96-100
technical and fundamental Good........ target 80........
NSE:STEELXIND [/symbol Entry level marked on chart, Buy only candle closure above entry level, ATH.
The stock looks good above 71 (on closing basis) for 15-20% further upmove. Possible targets are 79, 90 and 100
Theoretically, FLag and Pennant patterns are short term patterns that take about 3-4 weeks for completion by which point consolidation ends and the prior trend picks up pace. But in this chart the consolidation had been taking place for 9-10 weeks. And finally the much anticipated breakout has occurred and the scrip is giving the classic flag style move ! But...