Hello all,
I am here again with one more strong stock. The purpose is not to give you any call but to make you learn how to analyze a stock:)
The stock after giving a good uprun, went into correction mode. Interestingly, it formed a rounding bottom during this price as well as time correction. The volumes as you can see were almost dead during the declining phase of the rounding bottom while the volumes shot up as the stock moved towards the completion of the pattern.
Today, it has finally broken the previous high created on 6th July with volumes. An entry at this point would give a good RR.
SL can be kept at previous pull back which is around 192 (see on line chart).
Takeaways:
1) Develop your eyes to see any pattern formation.
2) Keenly observe the price action. (in this case, the price correction from 6th July to 28th Sept was covered by just three green bars).
3) Focus on volumes as well with price.
4) Also observe the previous trend (in this case the stock is in a strong uptrend and is hence likely to continue it's journey)
I hope you will all reflect on this analysis and learn.
Do share your feedback/suggestions/advice with me in the comments section:)
Happy Trading!
I am here again with one more strong stock. The purpose is not to give you any call but to make you learn how to analyze a stock:)
The stock after giving a good uprun, went into correction mode. Interestingly, it formed a rounding bottom during this price as well as time correction. The volumes as you can see were almost dead during the declining phase of the rounding bottom while the volumes shot up as the stock moved towards the completion of the pattern.
Today, it has finally broken the previous high created on 6th July with volumes. An entry at this point would give a good RR.
SL can be kept at previous pull back which is around 192 (see on line chart).
Takeaways:
1) Develop your eyes to see any pattern formation.
2) Keenly observe the price action. (in this case, the price correction from 6th July to 28th Sept was covered by just three green bars).
3) Focus on volumes as well with price.
4) Also observe the previous trend (in this case the stock is in a strong uptrend and is hence likely to continue it's journey)
I hope you will all reflect on this analysis and learn.
Do share your feedback/suggestions/advice with me in the comments section:)
Happy Trading!
