ECLERX Weekly Chart - Positional (Bull Flag in making)
This analysis is purely based on Price Action and Chart Patterns.
Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.
As can be seen from the image, price gave the breakout and then has come down to retest that level as support.
Also, a possible bull flag pattern can be seen in the charts.
If the stock price consolidates at the support and gives reversal signal, one can go long in the stock with SL either little below the support level or below 50EMA (since the stock moving with 50EMA)
Targets are shown in the image itself.
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions
Analysis is done on Weekly Time Frame, Hence it may take few weeks to couple of months for price to reach target. Traders should consider this before entering into the trade.
As can be seen from the image, price gave the breakout and then has come down to retest that level as support.
Also, a possible bull flag pattern can be seen in the charts.
If the stock price consolidates at the support and gives reversal signal, one can go long in the stock with SL either little below the support level or below 50EMA (since the stock moving with 50EMA)
Targets are shown in the image itself.
*Trade on your own risk and money management*
Feel Free to comment for any queries or suggestions
Trade closed: target reached:
both targets reached