standing at breakout point if trend line resisted the up move it may fall under cup and handle pattern, there another entry scenario will be created else can enter at the trendline break out.
Long on Walchandnagar, reversal in place and breaking out of range with huge volumes
In monthly Timeframe WALCHANNAG can be seen forming symmetrical triangle pattern If it breaks the triangle upwards then we can see good move upwards from 76-78 If it breaks down from triangle then we will see bearish treand in WALCHANNAG from 52. Disclamer: This analysis is for educational purpose only. This is not a financial advice. Do your own research.
Walchandnagar Industries Ltd. is a Heavy Engineering company which has its operations in Engineering, Fabrication and manufacturing for Sugar plants, Industrial and Marine gears, Defense, Aerospace, Nuclear power, Railway etc. Its CMP is 65.7. The negatives of the company are that they have high promoter pledge, decline in quarterly net profits and book value...
Its looks falling wedge, finely touches the border of falling wedge pattern. lets see the result. seems to be holds more than 3 months. please keep stop loss as well, if you take a trade. I'm not SEBI registered, its only my own analyze please before taking trade analyze your technical strategy.
Trade for 17/09/2021, It has formed an inverted cup and handle, a chance for gain through short, price might go down for correction for few more days.
Feb 2019 Resistance Level Rounding Bottom Pattern Trading with Huge Volume
Heavy selling absorbed. Big SL
Support is holding so far so risking a small Buy/Long If triangle breaks down then we will have 30% correction so be prepared for it