CASTROLIND Stock is consolidating in a channel from past 8 years. From last year it’s started to making higher low in weekly/Monthly Chart.
Monthly: As per monthly analysis stock has shown a bullish engulfing at bottom levels.
Weekly:
• June 2nd week we can see a big green candle engulfing past multiple weeks.
• June 3rd week there is rejection candle (Inverted Hammer). Things get interesting over here. The rejection candle didn’t get follow through.
• If we look carefully whole week the stock was trading between the range. July first week we can see a boom!
Daily: We can see buying from 122-123 levels from last few days and on Friday (7th July) We can see a big green candle with good volume.
It’s good time to go long for 155-160 targets.
SL: 117
I have already taken this trade.
This is only for educational purpose, please manage your risk accordingly.
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