The stock has broken above a falling wedge pattern with considerable volume and has created a higher high. After retracing towards the 10-day moving average for support, the stock is currently consolidating between the 10-day and 30-day moving averages, while creating a higher low. If the bulls manage to break above the neckline resistance around the 6.8 to 7.0 range, the stock may create an inverted head and shoulders pattern.
To manage risk, traders should have their stop-loss below 6.10.
To manage risk, traders should have their stop-loss below 6.10.
Trade active:
09/03/2023
The stock has broken above its 30-day moving average and is now retesting it for support while forming a higher high and higher low pattern. If the new higher high of Rs. 6.70 is broken, the stock may continue to move higher and potentially form an inverted head and shoulders pattern by breaking the neckline.
The stock has broken above its 30-day moving average and is now retesting it for support while forming a higher high and higher low pattern. If the new higher high of Rs. 6.70 is broken, the stock may continue to move higher and potentially form an inverted head and shoulders pattern by breaking the neckline.
With the gained upward momentum, the stock seems to be forming the right shoulder of the inverted head and shoulder pattern.