The stock at present is in middle of the formation of a long term flag and pole chart pattern. The long term resistance line was broken and acted as support for the past 6 months. Now at present a triangular flag is forming whose lower support trendline was broken on daily chart. However another horizontal support at around Rs 84 is acting as a good demand zone. In addition, Rs 84 comes around 0.5 Fib levels which is another strong support. Due to this, the breakdown from the lower support trendline of the flag could be a FALSE breakdown.
Suggestion:
Buy at CMP
SL - Below 82
Target - 100
Disclaimer:
This is only for educational purposes and not a buy/sell recommendation. Please consult your financial advisor before taking any decision.
Suggestion:
Buy at CMP
SL - Below 82
Target - 100
Disclaimer:
This is only for educational purposes and not a buy/sell recommendation. Please consult your financial advisor before taking any decision.
Commento:
SL Hit on the Trade