Voda-idea share price has made rounding bottom and inverse head and shoulder pattern.
When you study Rounding bottom pattern, it is said it is best if it has head and shoulder pattern inside. This is happening in this stock price chart.
STOCKMAN IDEA View:
Position : Strong Buy
Stop Loss : 9
Target : 18
I think Idea is in making Cup and handle pattern in weekly chart shouldn't close below 7 and upside 10-14 big resistance.
If managed to close above 14 we can see levels of 20+ soon !
Close below 7 avoid !
Broke up from the pennant then dropped back tried to reclaim and failed again .
guessing there was some bad news regarding the financials. IF it does dip below i'd bail out and look for to enter lower.
Looks like its going to play out this descending wedge with 9.35 as the bottom.
Doubt there will be a long squeeze and we go down further however if we do 7.90...
Vodafone Idea Ltd. engages in the provision of telecommunication services. It provides pan India voice and data services across 2G, 3G and 4G platform. The company was founded on March 14, 1995 and is headquartered in Mumbai, India.