Crompton Greaves Long term Exhaustion

Crompton Greaves is showing signs of exhaustion in a downtrend channel which spans more than a year. If we notice Crompton Greaves has consolidated for few weeks at the 66.67% retracement level, which also happens to be a strong support in the Fibonacci trading terms. The next upside targets of Crompton Greaves look to be the 50% retracement zone which is 318 and the next upside target is at 363 to 368.

What makes this exhaustion a meaningful one is that whenever a price fails to stay below a return line of a channel during a downtrend and prices suddenly starts to move upwards with the fall in volume clearly indicates that the prices are trying to go up and price will come out of the channel with a huge breakout. Hence upside targets of Crompton Greaves are justified and in coming days it can touch the 350 mark.