SUZLON again took support this week over the rising trendline which it has been respecting from over 7 months since it began its wonderful breakout. The descending resistance line was also broken out today. Pennant formation. The swing breakout also sent price above 10 and 20 EMA and a crossover was avoided. RSI again crossed over 60 and yesterday was 5% upper...
DRONACHARYA (DRONEACHARYA AERIAL INNOVATION) has completed an Inverse Head and Shoulder pattern. Listed on BSE. No major volume change. RSI >60. Trades in lots of 1000. High Risk. Waiting for breakout.
TVSSCS is swinging back after a quick rise and fall of 20%. It has taken support at the last opening point of the first listing day. Volumes rising for last 3 days. Doji a day before. RSI bounce back at 50.
MAHINDRA & MAHINDRA or M&M is breaking out of a 2month cup and handle pattern and sustaining for 2 days above the breakout. It is important it sustains the breakout to move higher. Recent volume and RSI high.
YESBANK is stuck in a ascending triangle pattern. We have also presented related ideas of a rising channel and inverted head and shoulder pattern developing. A powerful breakout above 18.6 will break these 3 patterns.
TVS Supply Chain Solutions (TVSSCS) is the new listed IPO and few days ago broke out of its listing day resistance with great volumes and rose 28% in 3 days! Then it fell by 15% in next 4 days. Now it is taking support at 10EMA. Lets see if it will now rise again with momentum.
NIFTY had a failed breakout after crossing 20000 and dropped back today to the critical ascending triangle support line. A break below this could signify weakness and bounce above support could lead to upmove. Next few days important.
HDFCBANK broke down of its 3 year long Ascending triangle with a big red candle and high volumes this week. Can head down if the down momentum continues. Or it could bounce back next week and come back into the triangle to break upwards.
EMIL (ELECTRONICS MART IND LTD) showed strength in todays weak market, by hitting 5% upper circuit. It is rising for several days after bounce from weekly 10EMA. Today it had massive volumes as well and RSI is rising.
HATHWAY has broken out of a 1 Year Cup pattern. The resistance is lasting for over a year and it has tried to break it in previous 2 other cup patterns but failed. Breakout this time has good volumes and High RSI. Coming on a day of very weak market, it is outshining. But has to stay above this breakout level to sustain move.