INDUSTOWER Turning Bullish after 2017 Double Top
Updated
Hello Traders,
Let's delve into an analysis of INDUSTOWER today.
In 2017, the stock exhibited a Double Top pattern, resulting in a significant bearish turn and a substantial drop from approximately 470 levels to 145 as of April 2023.
However, a positive turn occurred when a Double Bottom formed at 145 levels in April 2023 (refer to the chart). Subsequently, the stock underwent a consolidation phase, leading to the development of Higher Highs and Lower Lows.
Notably, from the 145 levels, the stock has yielded an impressive 80% return to date.
The encouraging news is that technically, the stock shaped a Descending Triangle pattern since 2017.
This week, a robust breakout occurred, complemented by a breakthrough of its previous resistance, marked by a bullish candle on the weekly chart and substantial volume confirmation.
In essence, we can confidently affirm "BANG ON with Multiple Confirmations."
This signals a distinct bullish trend in the stock, presenting an opportune moment for entry with proper Risk Management. If it maintains levels between 230-250, I strongly believe it could easily ascend to 330 levels within a few weeks.
That's the gist of it, folks.
If you find merit in this idea, your support would be greatly appreciated.
Share your thoughts on INDUSTOWER in the comments below.
Happy Trading. All the best!!
Let's delve into an analysis of INDUSTOWER today.
In 2017, the stock exhibited a Double Top pattern, resulting in a significant bearish turn and a substantial drop from approximately 470 levels to 145 as of April 2023.
However, a positive turn occurred when a Double Bottom formed at 145 levels in April 2023 (refer to the chart). Subsequently, the stock underwent a consolidation phase, leading to the development of Higher Highs and Lower Lows.
Notably, from the 145 levels, the stock has yielded an impressive 80% return to date.
The encouraging news is that technically, the stock shaped a Descending Triangle pattern since 2017.
This week, a robust breakout occurred, complemented by a breakthrough of its previous resistance, marked by a bullish candle on the weekly chart and substantial volume confirmation.
In essence, we can confidently affirm "BANG ON with Multiple Confirmations."
This signals a distinct bullish trend in the stock, presenting an opportune moment for entry with proper Risk Management. If it maintains levels between 230-250, I strongly believe it could easily ascend to 330 levels within a few weeks.
That's the gist of it, folks.
If you find merit in this idea, your support would be greatly appreciated.
Share your thoughts on INDUSTOWER in the comments below.
Happy Trading. All the best!!
Note
CMP is 291 & on the way to 312 to its Resistance level.Note
Reached 330 Levels & CMP is 328
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