The stock had been in consolidation for almost 3 years and now taking support at 200 WEMA . Also making double bottom breakout at 200 WEMA which will give the desires above mentioned targets as chemical sector has started to make run
Price is in the resistance zone....
showing bearish pressure but sellers failed to take the price downwards....
price broken the trendline and again buyers push the price upwards...no chance for short.
keep track this for short....will update once it is reversed...
Observations::
The stock is trending upwards...
price is taken the support from previous resistance in the zone 3250 and moved up...
now price is near to the trendline...if price breaks this will again test this zone...
If this zone failed to take the price again up...and trendline acts as resistance...will observe a strong fall.
keep track these levels...3250 and...
Observations::
---------->> The stock is trending upwards in daily time frame.
---------->> now facing resistance in the zone @3160 level, which is a previous resistance.
----------->> we have a demand zone placed @3050 level, which will act as a support again. Keep watch this level, if failed to act as support sell for the downside demand zone placed @ 2970...
