BULLISH BREAKOUT IN PVRINOX | DOUBLE BOTTOM BREAKOUT
BULLISH BREAKOUT IN PVRINOX
From past few weeks price was trading in a downtrend and was getting rejected by a downtrend line.
On 5 June, 2023, the stock price finally broke and closed above the falling downtrend line, signalling that BULLS Might have stepped in.
After breaking out from the downtrend line, price came down again but did not made any new LOWER LOW which signals the downtrend exhaustion.
On the contrary, it bounced perfectly from the previous low levels making a DOUBLE BOTTOM PATTERN.
Double Bottom patterns are BULLISH REVERSAL Patterns, once the price breaks and closes above its neckline.
Today, on 26 July, price has finally broken and closed above the neckline.
Now, I expect price to start a new uptrend.
The only last hurdle is the 200 DAILY MOVING AVERAGE (RED LINE) sitting at 1558.
We might see a slight rejection there.
Once 1558 is broken, #PVR will enter in a bullish territory and may go high in coming few weeks.
This is a Mid-Term trade.
From past few weeks price was trading in a downtrend and was getting rejected by a downtrend line.
On 5 June, 2023, the stock price finally broke and closed above the falling downtrend line, signalling that BULLS Might have stepped in.
After breaking out from the downtrend line, price came down again but did not made any new LOWER LOW which signals the downtrend exhaustion.
On the contrary, it bounced perfectly from the previous low levels making a DOUBLE BOTTOM PATTERN.
Double Bottom patterns are BULLISH REVERSAL Patterns, once the price breaks and closes above its neckline.
Today, on 26 July, price has finally broken and closed above the neckline.
Now, I expect price to start a new uptrend.
The only last hurdle is the 200 DAILY MOVING AVERAGE (RED LINE) sitting at 1558.
We might see a slight rejection there.
Once 1558 is broken, #PVR will enter in a bullish territory and may go high in coming few weeks.
This is a Mid-Term trade.