still in the trading range, what looks like is phase c action, 2 tests of supply after a show Of strength last year which took out the top resistance of the trading range,
the second test was very interesting giving rise to a kind of morning star pattern, the middle candle was not that star , rather a gravestone doji, which is a reversal candle if found near support…
i like that the second test was met with climactic quality, the volumes increased compared to last year’s test, implying the weaker hands who had taken positions in the stock last year, have ben capitulated for the second time…
expecting a spring action which leads us to a phase d , where the previous upthrust high should be broken out to form the major sign of strength {SOS}and retested for a last point of support formation…
this scrip has been a favourites of the institutions, as evidenced by the relative strength curve…
never once dipped below the average, thoughout last 10years, and specially since 2016 when it went into a range…
a definite show of price support by the institutions/strong , i wont mind the valuations the stock continues to trade in, may be , the returns will be less, but should definitely reduce beta if we are going to have a volatile times…
disclaimer… NOT AN INVESTING/TRADING RECOMMENDATION
the second test was very interesting giving rise to a kind of morning star pattern, the middle candle was not that star , rather a gravestone doji, which is a reversal candle if found near support…
i like that the second test was met with climactic quality, the volumes increased compared to last year’s test, implying the weaker hands who had taken positions in the stock last year, have ben capitulated for the second time…
expecting a spring action which leads us to a phase d , where the previous upthrust high should be broken out to form the major sign of strength {SOS}and retested for a last point of support formation…
this scrip has been a favourites of the institutions, as evidenced by the relative strength curve…
never once dipped below the average, thoughout last 10years, and specially since 2016 when it went into a range…
a definite show of price support by the institutions/strong , i wont mind the valuations the stock continues to trade in, may be , the returns will be less, but should definitely reduce beta if we are going to have a volatile times…
disclaimer… NOT AN INVESTING/TRADING RECOMMENDATION