RELIANCE seem to have formed H&S formation. Structure is tilted on the left and has formed over a long period (~10 months). Finally the structure seem to have completed though the price is still trying to bounce from the neckline. Today we have an evening star kind of formation which might push the price towards neckline…
In the above weekly chart of Snowman Logistics (SNOWMAN), we can see H&S (Head and Shoulders) pattern formation over a period of nearly 7 years and now it has broken out from the pattern. Re-test of the neckline also seem to have been done in last few weeks and neckline provided good support. If we…
MANAKSTEEL (Manaksia Steels) has broken out in WTF with good volumes. In last 2 weeks, stock has already moved nearly 60% up but still there is room to go further up. If I take the breakout from the previous swing close (instead of high) as a more conservative target then it comes around to 99….
GATEWAY seem to be breaking out with good volumes. The last major swing high was made by the stock in the first quarter of 2015 so this is a fairly long term breakout. If it sustains, it could be a very rewarding trade. Having said that, this is weekly chart and the candle is still…
SAKUMA has given a breakout in weekly chart with good volumes and currently trading around 52 week ATH. Weekly close is above the swing highs in September’23 and December’22. Wick at the top of the candle isn’t very reassuring however its not too bad as well. Further, given that the volume is very good at…
GLAXO has given a nice and clean breakout in weekly chart. This is significant since this pattern has been evolving since around 2015 and this resistance has been in force since last almost 8 years now. Remember that the longer the pattern, larger the move typically. In terms of size, the up move could be…
NSE:BANDHANBANK (Bandhan Bank) has given a strong breakout from a triangle formation with good volumes in today’s session. It looks like a descending triangle but the breakout has occurred on the upside. Volumes look good as well. Height of the formation gives a 25% move and the stock closed 4.4% up today from the upper…
Amazon has formed an inverse head & shoulders pattern which has bullish implications but there is a sustainable breakout. Given the good results in past few quarters, fundamentals also support the bullish view. Having said that, recessionary fears are here to stay though it might still be some time before something starts showing up in…
This is the daily chart of Apple and market is about to open in few minutes. Stock seem to be forming bullish wedge and there have been three touchpoints at both top and bottom trendlines of the wedge. It would be interesting to see if the stock still remains in the range and reverses after…
In the daily chart above you can see a bearish flag formation in EURUSD with a large pole. Setup hasn’t materialized yet fully and it’s still trading within the flag though price attempted to break down below the flag. Since we are at the bottom, either the prices could try to go up and touch…