Breakout and Retest Level in CYIENT
Recently stock has given a multiyear breakout and currently testing a same level.
Since Aug'20, the price was moving in upward channel and in July'21 the multiyear breakout seen in stock, as mentioned in chart - rounding cup neckline violated with 20% upside
The question is HOW to trade in such stock....patience is key in such scenario, be a Eagle and grab the opportunity as set up generating signal- either buy or sell
If you analysis the 11 Aug'21 candle, definitely buyer shown their interest and bought dip but it does not confirm conclude - the channel trendline or round bottom neckline will hold the key for further confirmation.
Fundamentally stock is weak as compare to his peers companies and FII's has major holding in share.
Advise:
In past one year, stock given a more than 100% return to stakeholder and continuously in upward trend, Initiate trade with restrict stop loss.
Since Aug'20, the price was moving in upward channel and in July'21 the multiyear breakout seen in stock, as mentioned in chart - rounding cup neckline violated with 20% upside
The question is HOW to trade in such stock....patience is key in such scenario, be a Eagle and grab the opportunity as set up generating signal- either buy or sell
If you analysis the 11 Aug'21 candle, definitely buyer shown their interest and bought dip but it does not confirm conclude - the channel trendline or round bottom neckline will hold the key for further confirmation.
Fundamentally stock is weak as compare to his peers companies and FII's has major holding in share.
Advise:
In past one year, stock given a more than 100% return to stakeholder and continuously in upward trend, Initiate trade with restrict stop loss.
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