TV18 broadcast - Bullish trade
Stock gave a more than a decade long breakout above 70 levels, stock price touched 83 after breakout and now doing a retracement with market correction. I think stock is in clear uptrend and one should identify buying opportunities in such type of stocks.
Stock buying range is marked on chart between 62-71, buy in this range and we will review at 90 levels. Second possible target could be 114. Good thing is that these levels are also supported by Fib retracement, I am removing Fib retracement from chart for better visibility. Volume increase also boosts a confidence in this trade.
Trend is intact until a weekly closing comes below 56 levels. Stock is high beta and market is volatile, next immediate support to watch will be 46 on weekly closing basis. I hope this level doesn't comes but nothing is guaranteed in stock market, All we can do is analysis and hard work.
Stock buying range is marked on chart between 62-71, buy in this range and we will review at 90 levels. Second possible target could be 114. Good thing is that these levels are also supported by Fib retracement, I am removing Fib retracement from chart for better visibility. Volume increase also boosts a confidence in this trade.
Trend is intact until a weekly closing comes below 56 levels. Stock is high beta and market is volatile, next immediate support to watch will be 46 on weekly closing basis. I hope this level doesn't comes but nothing is guaranteed in stock market, All we can do is analysis and hard work.
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