CASTROLIND-DAILY/WEEKLY/MONTHLY-BREAKOUT

9 Jul 2023

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.