The stock has been in an upward channel .
And now it's re-attempting to push higher than earlier high of 774 and move towards levels which it achieved before 2008, that is above 800.
Buying interest has been good.
But be careful, the stock has already moved a lot on the upside, and might not immediately cross the earlier level; but when it does, a big...
It is been observed that the price action moving up in a trend and now it breaks an important resistance breakout at 545 levels. Now, it shall reach further up to next resistance levels.
Target: 560
Stoploss: 545
Bearish Diamond Pattern on Sun TV and lead to fall upto the FIBO - 50%.
Trade:
Short below - 526
Target 1 - 516
Target 2 - 502
Target 3 - 489
Stop Loss - 543
Reward Points = 37
Risk Points = 17
"Happy Trading"
Symmetric Triangle on SUN TV and it may break either side but indicators like RSI, MACD & Stochastic are showing bullish sign. Let see, where its going to break ?
Levels for Long:
Level 1 - 505
Level 2 - 516
Level 3 - 526
Level 4 - 536
Levels for Short:
Level 1 - 473
Level 2 - 465
Level 3 - 456
Level 4 - 446
"Happy Trading"
ABCD Diamond formation on Sun TV. RSI Overbought condition and it may have correction.
Trade:
Short Below - 514
Target 1 - 508
Target 2 - 500
Stop Loss - 520
Reward Points - 14
Risk Points - 6
As seen Sun TV has formed a Double Bottom Pattern in the hourly chart. It has recently given a breakout with good volumes.
Expected Levels 474.
Double Bottom Pattern is bullish reversal pattern, made of two consecutive bottom/troughs. It indicates that the stock has reached a support level and is facing difficulty moving lower, thereby positioned for an upward move.
SUN TV has reached its consolidation level, now its time for reversal.
Historical Moving Average breakdown supports our view.
SHORT @ CURRENT LEVEL
TARGET 1 @ 480
TARGET 2 @ 450
TARGET 3 @ 425
SL @ 565
As observed on weekly chart, the price action breaks out from a consolidated down-trend channel, indicating shiftinh of dominance power on prices from bears to bulls. Now Bulls shall reach out for previous resistance levels at 550-560 levels.
Target: 550
Stoploss: 480
The price action breaking out from a consolidation between trend lines or horizontal channel. I believe if the buyers manage to close prices above 500 levels then we might see a long upside move.
Kindly confirm the breakout at the end of trading session to initiate trades for tomorrow.
Hope you trade with care, Thanks for your support.
Regards
