Exide Industries is shown to be forming inverted head and shoulder pattern on a daily/weekly basis. Lately the stock can been trading with higher average volumes in the past few months.
The stock can show a good upside move in the coming days with an initial target of 220 and have the potential to go further up to levels of 300 in medium term supported by...
The MACD indicator is above signal line and recently crossed above zero.
Price has taken support from important Fibonacci level while retesting.
114 levels are crucial. Once crosses with good volume, big move is possible.
After the demerger, the share has been constantly moving in a restricted zone with a formation of symmetrical closing triangle.
On 20th May, the share finally move upside by 4.88% with good volumes while the index moved opposite.
Also crossed % Fibonacci level. Good chances of making new highs in the short to medium term.
Last Night, I came with the idea of comparing Nifty 50 movement after 2008 crisis with the present scenario. I took a slice of Nifty 50 from 9-March-2009 and put that slice corresponding to the date 18-May-2020 i.e. the date when Nifty started recovering for both the dates.
I was amazed to see that the two patterns are almost similar. I took the weekly...
