Double bottom Ibullhousing finance IBULHSGFIN

Ibullhousing finance has formed double bottom on weekly charts. The volumes are supporting the upmove which is a good indication. Some positive news based developments are also happening in the script. The base formation in range of 90 to 150 for almost 1 year+ gives an indication of accumulation and script is in strong hands
Housing finance stocks are showing strength which is good sign for gaining additional confidence.

Based on the on the height of the double bottom levels of 250-275 can show profit booking.
The targets will be revised based on the formation of chart structure.
Stop loss based on appetite can be below 155 on weekly closing basis

Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :)
Happy trading ;)

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Comment:

Also, to notice positive RSI divergence on weekly charts as marked with red line on divergence indicator :)

Comment:

Hi friends,

Seems like the setup is working nicely and hope you all are making most of it.
Do share your thoughts and comments on what you feel about it. Would be my pleasure to take your comments or queries :)

Have a nice trading week ahead!
Cheers!