Indian Hotels forms a cup pattern
From the base of the cup pattern, the stock price has shown positive intent and risen almost 17% in three weeks.
It is trending above the 50 day EMA, with key resistance at 245.
However, there is a chance we might see consolidation in the range between 245-230, but overall the stock looks bullish in the long term. And, like I said earlier, the key level to watch is 245.
Given the formation of the cup pattern, the consolidation zone between 245-230 may develop into the handle of the cup and handle pattern. Will observe the price action here.
Once this level is crossed, then we can see further positive momentum in the stock.
Always define your stop loss.
Note: Personal analysis. Not a buy/sell recommendation. Do consult your registered financial advisor.
It is trending above the 50 day EMA, with key resistance at 245.
However, there is a chance we might see consolidation in the range between 245-230, but overall the stock looks bullish in the long term. And, like I said earlier, the key level to watch is 245.
Given the formation of the cup pattern, the consolidation zone between 245-230 may develop into the handle of the cup and handle pattern. Will observe the price action here.
Once this level is crossed, then we can see further positive momentum in the stock.
Always define your stop loss.
Note: Personal analysis. Not a buy/sell recommendation. Do consult your registered financial advisor.
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