AFFLE, TREND ANALYSIS!the lines drawn are the trends, based on the market behaviors.
some lines are short term ones, and chart patterns. i will make you go through it.
the two black line and one dark black line, are the major trend, where the stock should be following, but since IT sector had gone week past year, and much FII selling had come through, the stock needs to come to its lower support area.
the two dark red lines are drawn, that says the trend for the bear market and for the short term. the stock has supported it several times, trading in that zone. the stock is strong enough, to not break its support.
whenever the market has gone bearish, those times the stock supported the red line(support).
further, moving to the chart pattern, the blue lines are those. you could see a beautiful triangle formation, and the path for both sides is drawn. but i mostly think, the stock will be carried upward, since NIFTY has given its breakout, and many global situations have mostly factored in the indices.
the green line, drawn is a good support for a breakout trading, that line has been touched many times, and this time it has a good change to break it out, without further giving a pullback or coming to the past range.
the stock is at a good discount, if it breaks the chart pattern(drawn in blue), then i will be going short, otherwise, its a great to buy.
trade with a stoploss. the stock is currently, about 25% at a discount.
