INDIAMART- BULLISH PENNANT in making
(For educational purpose only, please do your own analysis before taking any position.)
-The price brokeout of a downward sloping trend line on August 30.
-This was followed by a strong price price movement of around 2000 points in the first week of September.
-In the later weeks of this month the stock is forming lower highs and higher lows ( BULLISH PENNANT ), with RSI staying above 50.
-Wait for a breakout of this consolidation, and go long after this somewhere around 8400-8500.
-Potential target could be the all time high of 9900.
-The price brokeout of a downward sloping trend line on August 30.
-This was followed by a strong price price movement of around 2000 points in the first week of September.
-In the later weeks of this month the stock is forming lower highs and higher lows ( BULLISH PENNANT ), with RSI staying above 50.
-Wait for a breakout of this consolidation, and go long after this somewhere around 8400-8500.
-Potential target could be the all time high of 9900.
Feragatname
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