As you can see in the chart, the stock has been making higher bottoms since October 2008 but on the upside it has not been able to cross 72-74 band. As a result of this we are witnessing a huge triangle pattern of one and a half year on the charts. Buy Gati only if it sustains and closes above 72-74 range with a stoploss of 69 on closing basis and look for targets of 87/95/110 in medium to long term.
Stock View: Venus Remedies
There is a beautiful cup and handle structure that is being witnessed in this chart which took 21 months to complete. This constitutes of a Larger cup and a Larger Handle( constituting 3 small handles ). The stock is facing stiff resistance near 305-310 zone which needs to be broken to confirm a big breakout. Buy Venus Remedies only if it sustains and closes above 305-310 with a stoploss of 280 on closing basis and look for targets of 350/377/395/450 in short to medium term.
Have a nice trading day
Regards
Ankit
Multiple handles is negating the pattern, it has strong overhang of 290-300 which may not be easy to crack.
ReplyDeleteThese stocks with low vols have tendency to breakout when nobody expect them to do... You can also see Nifty falling by 100 odd points and this stock giving a breakout above 300-310 The chart indicates strong accumulation is going on a news that you and i may not know.. It can also form 1 or 2 more handles before giving it a breakout ... Thats y i have written buy only above 300-310 :)
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