I find Balance Line chart a easy and fast way to gauge the performance of a stock in relation to itself. Pidilite has been consolidating for a long time now except for the spike between Jan to Mar 2020 the brief green area on the chart.
Dr Reddy has broken out of a flat base. Some supply overhang is noted and also below 50 and shorter moving averages but above 200 MA. Today was earnings. No FOMO. Will wait for a couple of days for price to settle down.
After a big volume bearish day, the stock managed to post a positive candle from support zone and close above the cloud. the big question is when will it break out. This stock is struggling to cross 512 and building a base with higher lows and flattish top ... need to see some action soon .... hopefully on the bullish side.
Ichimoku is a very versatile system. Look at this chart of Glenmark. It has been in a range for a while, and below the equilibrium price. And unless it makes a big move up, the sentiment will turn bearish .... see how beautifully this is shown on the chart ....
It brings to mind the truth of life. If we are at the same place we are actually falling behind ......
Once upon a time, Yes Bank was in my portfolio too. Thankfully I exited the stock when it was above 300. The human mind naturally seeks to bottom fish such fallen angels. Here are some facts you have to consider.
There is yet another Earnings report in 2 days.
There was a massive selling volume of more than 10 times average for 2 continuous days and price...
HDFC BANK which spiked up recently now has filled the gap. Selling momentum and volumes have reduced. Will it breakout ?
I feel bullish about the stock and have a long position. So I will be watching it either to exit or hold on.
A pharma company near its ATH looks interesting as fundamentals seem good. WIth a market cap of less than 5000 crores, and sales to market cap of 3x... the runway is long.
It has broken out of a 6 week consolidation zone and demand seems good though RSI is not yet supporting. There is overhead supply as it approaches all time high. So keep this in the watchlist.