ANALYSIS
- On daily charts, it seems that stock has been trying to make a double bottom:
- First bottom is at 520.45
- Second bottom is at 511.11
- 3% Tolerance of between low of two bottoms is also met
- Neckline of the bottom is at 567
- If breakout comes { i. e . stock maintains to stay above 567 level}, it may further take the stock to the level of 593, 600, 610.
CURRENT LEVELS OF STOCK
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| Daily Chart |
DAILY CHART
- Currently stock is standing at previous rising window support at 535.
- It could face resistance at previous falling window at 547- 554.5 .
- Level of 567 may serves as major resistance for the stock.
- RSI divergence is also seen at new low. [511.11}
WEEKLY CHART
- Trying to make a bullish engulfing pattern on weekly charts.[ Bullish engulfing pattern will be made , if Friday closing comes above 538.4, moreover if closing comes above 545.5, it will be more bullish for the stock in the near term.]
*The above view will negate if stock went under 520, 510 levels.
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