Stock: Metropolis
Entry: Above 3070
Analysis: Currently there is pull back, and good this is 50 DMA is acting as support watch out for wide range candle and spike in volumes like i marked in the chart.
Have detailed out multiple elements on the chart, Have a close look
Metropolis was moving in a channel pattern and it broke out and again RETESTED the upper channel before making a big move today..
target 1 - 2611 ( already done)
target 2 - 2888...
Today it has been doing the ABCD pattern...impulse move, followed by pullback..and impulse move again
METROPOLIS - RSI assisted mean reversion.
Look at how the stock reacts, whenever the RSI comes near the demand zone.
We have a similar situation now.
Keep on radar.
METROPOLIS breakout last day with very immense volumes. The stock was being accumulated highly near its last resistance zone(now short term support) and gave BO recently.
- Extremely bullish on higher TFs
- Strong base of 1800 levels
One can go long here @2500 levels and accumulate in dips 2200-2300
Keeping SL 1800 on WCB
1. Metropolis has formed a Hanging Man Pattern on the daily chart indicating a downside upto 2100 levels based on Fib-Retracement.
2. Once it bounces back upside is seen towards 2350 levels once 2200 levels are crossed.
3. 2200 level form an important resistance to break as seen in the past few days.
4. The trendlines indicate a good bullish outlook further.
