Long suggested ONLY above 753-755 levels.
Daily chart W pattern with volumes rising in tune with price rise and dropping during retracements.
Currently price consolidating with drop in volumes.
Bullish stock and bullish industry segment. Price is constantly taking support at 50 DMA during correction/profit booking. An Ascending Triangle is visible. Bulls are closing in on the price in this formation of the classic pattern which means corrections are becoming smaller by day. On breakout target can be new highs beyond 755-760. SL is a must.
This study was posted a couple of times expecting: a) a breakout of the narrow range since the trend is bullish. Breakout has happened; b) high possibility of failure of the Shark Pattern. Pattern has failed offering bulls to rage.
The stock is in Bulls control. Have a look at the candles. Red candles are indications of profit booking done by bulls. Then they enter long trades on small correction-- correction of just 4-5 sessions. I have drawn a probable Shark patter and the same has not been effective. This too points out to bullish stance in this counter.
As expected in the previous post, it will be difficult for the bears to play this counter. Price has not shaken despite Nifty taking beating today. Let the political weather in the capital be clear up.
Though the Shark pattern looks quite perfect on parameters, yet to trade on short side at its last leg would be a bit challanging. Technicals say that 667 has bee strong resistance wherefrom price is reversing and quite strong support comes at 603.
The long-term trend is completely intact and unchallenged. However, on the near term the outlook is a bit tiresome; bearish divergence and the lack of significant new highs suggests buyers are exhausted and a correction is around the corner. Tighten stops on existing longs or cover all together. New buying can be done if/once a deeper correction has occurred and...