Can We Skip to the Good Part ? Trend Reversal ?
This is Daily Timeframe.
For last 6 months, Shyam Metalics is in downtrend.
Downtrend was smooth, but things changed after the Mid-December.
It rejected downward move by forming a hammer candle on 20th Dec. 2021.
After this, it started showing some strength, formed bullish candles with volume support.
Then after small retracement, it again formed a hammer candle
and then formed bullish candle(28th Dec.) with good volume.
This is the breakout candle that gave breakout
from the falling wedge pattern.
After breakout,
consolidated and formed a small range and
today it gave breakout from that too with volumes.
These are strong indications that the downtrend that was going for almost half year is to an end.
This post is for information purpose only.
For last 6 months, Shyam Metalics is in downtrend.
Downtrend was smooth, but things changed after the Mid-December.
It rejected downward move by forming a hammer candle on 20th Dec. 2021.
After this, it started showing some strength, formed bullish candles with volume support.
Then after small retracement, it again formed a hammer candle
and then formed bullish candle(28th Dec.) with good volume.
This is the breakout candle that gave breakout
from the falling wedge pattern.
After breakout,
consolidated and formed a small range and
today it gave breakout from that too with volumes.
These are strong indications that the downtrend that was going for almost half year is to an end.
This post is for information purpose only.
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