BOMBAY DYEING : Breakout from falling wedge pattern is on the cards

Price Action

• Falling Wedge Pattern is apparent on the daily charts [ Each successive wave is feebler than the previous wave within the pattern ]
• The corrective wave within wedge pattern turned before touching up-sloping trendline and took support on previous rising window.
• Higher low pattern is visible.
• Breakout on the upside ,from the down-sloping trend-line is likely on the cards

Candlestick Patterns

• Bullish Belt hold candle appeared at support, covering in whole previous black candle.
• Another Bullish belt candle followed by upside -gap.
• Long bodied white candle closed near it high with good volume ,appeared at the support of 30 day moving average, indicating near term bullishness.

Bollinger Bands

• Bollinger Bands are broadened, indicating volatility.
• Price is riding at the average of  Bollinger Band.

MACD

• MACD showing bullish crossover and pointing-up , indicating s an acceleration based on the recent near crossing.
• Histograms are making a new high

MOVING AVERAGE

• Stock is trading above 200, 100, 50 day moving average.
• Currently it is standing at support of 30 day moving average, and the average is also curving-up.

STOCHASTIC

• Stochastic continues to point-up 
• It is moving above middle territory indicating strength in prices

VOLUME

• Volume diminished when  prices moving -down with the pattern.
• Volume is increasing when prices rallied -up within the pattern.
• Volume pattern signalling strength in stock.

ANALYSIS

• All indicators and price action signalling strength in stock.

RESISTANCE

• Levels of  70 and 80 may act as possible resistance in the near term.

SUPPORT

•  Stock is likely to take support at the levels of 54 and 60.