SUNTV just gave a perfect breakout of cup with handle pattern. Best level to buy is at 570. I have my entry from low levels, in the expectation of the breakout. One can accumulate it around 570 levels for medium term.
All levels are mentioned on the chart.
As you can see, Sun TV has given multiple tops breakout yesterday on weekly charts. From last 2 years this stock was consolidating below 550 and multiple times it has tried to breach this level. However, it was unsuccessful and stock fell down. Yesterday, on the contrary, stock has given a breakout with good volumes. Targets as per Fibonacci are 724, 1012, 1300...
Ascending triangle pattern in weekly chart
Targets mentioned in the chart
One can initiate buy around 540
For long term target of 650 750 plus
Also the stock is below intrinsic value
Only for education purpose
Consult the experts
The chart is making a Acending triangle pattern.nn
After breaforkout we can play for a buy move.
But with that we should consider the possible resistance for short term. And possible resistance zone can also make a new breakout point.
Check out SunTV is at Support levels at 528-530.
Lets say on Monday its crossing 529 also we can go bullish till 535-537 Targets Intraday. If it holds bullish hold till 570 Swing Targets
Watch out if Gap down can go till our Trendline support of 520 Directly.
Trade both sides be cautious and go with your instincts.
Do not OVER...
SUNTV has tested resistance zone multiple time and now it got weaker can expect this time breakout and this will lead to good rally in it,
as it is weekly chart it will take time to move, enter only if you have holding patience
Note: This is only for learning purpose do your own analysis before taking any trade. Thanks