Trader's Queries - Engineers India !
The stock has formed rounding bottom in daily chart indicating bullishness. Price have to break the resistance around the level 170 - 173 with heavy volume which will make the price to move up further. The rounding bottom or saucer bottom is a long term reversal pattern which indicates a shift from the downtrend to an uptrend. When buyers enter the market at a low price, it increases the demand for the stock . Once the rounding bottom is complete, the stock breaks out and will continue the uptrend. Expecting this stock to gain 30 to 40 points in 1 to 2 years. Always consult your financial manager before investment.
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