Currently stock is in ascending triangle pattern and its ready to give breakout why i think i will break few reason are 1. increases volume with increase in price 2. making higher high for 3 consecutive days after long time 3. delivery % also increases. AND breakout happen above 141 and valid if price closes above .
Currently its trading near monthly support area of 1200/1300 levels once its break and closes below its level then we can expect 600 levels coming in few months. so keep watch out 1200 is important level for long term investor.
Due to global market sentiment and ques are not good so, every kind long prediction may not work that much but, these is market what it has to do it will going to do. what we can do is will flow with the market.As I already marked important level on charts. current important support level is 11080 to 11160.
After a strong impulsive move oil has taken trendline ressi. and now its all set and ready to blast in coming few weeks. therefore, its has eventually formed two patterns 1.bullish pennant and 2. descending triangle. we just need to play safe as per chart currently once its reached support zone our buy will going to trigger on 59.5 and SL would be on closing daily...
From last 3 trading session stock has been in a range of 2009 to 2075 break of any high or low of will going to give good moment in intraday and if its closes below 2009 then we can initiate short on it. with target of 1960. few thing to notice i.e: 1. stock started closing lower low. 2. today red candle with high volume .
currently nifty is heading towards its 52 week high but before that i am looking some of the consolidation at 10700 and will going to play in range of 150 to 200 points and than break out will occur towards near 12000.
Its to be witness that stocks has facing constant falling wedge Resistance and finally broke support and closes at lowest we can play for tomorrow in intraday and as well as for positional also in coming few weeks will see 1050 near levels.
Its really good break out it gives more confidence because of stock closes very strong at near day high and that give more confidence as a trader
once its will break and closes above Ressistance 1 line and its ready to fill the remaining gap area so this should also give more trading opportunity as trader we just need to grab at right time and should add in this...
Retracement are very healthy for further up move so, I personally think it would give more opportunity in intraday and we can also play for positional trade. but one thing we need to take care that is for positional trade first it should break its swing low and then will get more confirmed to play for it. but as i said it will going to take more likely opportunity...