Greaves Cotton Pattern Shows Consolidation
Bullish Pennant Pattern formation on Greaves cotton Daily chart.
I am showing two levels of support and one Resistance level. I see two entry positions based on where the stock is heading in the near future.
Stock Heading Up: The resistance is the downward trend line. Check for strength (increased volume, good candle formations) if it breaks the trend line and then enter into long position with tight stop loss.
Stock Heading down from Today: Historically 110 has proven to be a good support for Greaves Cotton. When stock is trading at this price range, again wait for strength at this price level, test the support & then enter into a long position with tight stop loss.
Price Target 1: 139
Price target 2: 153
I am showing two levels of support and one Resistance level. I see two entry positions based on where the stock is heading in the near future.
Stock Heading Up: The resistance is the downward trend line. Check for strength (increased volume, good candle formations) if it breaks the trend line and then enter into long position with tight stop loss.
Stock Heading down from Today: Historically 110 has proven to be a good support for Greaves Cotton. When stock is trading at this price range, again wait for strength at this price level, test the support & then enter into a long position with tight stop loss.
Price Target 1: 139
Price target 2: 153