Double Bottom Reversal in CHOLAFINCHOLAMANDLAM INV
Key highlights: 💡⚡
📊On 1Hour Time Frame Stock Showing Reversal of Double Bottom Pattern .
📊 It can give movement upto the Reversal target of Above 1177+.
📊There have chances of Breakout of Resistance level too.
📊 After Breakout of Resistance level this stock can gives strong upside rally upto above 1235+.
📊 Can Go Short in this stock by placing stop loss below 1095- or last swing Low.
CHOLAFIN trade ideas
CHOLAFIN Analysis??Observations::
the stock is continuously moving upwards...
After breaking the resistance @820 zone..A rally base rally is observed.
base @1050 is tested and moved again...
In weekly time frame the price is showing bearish...we don't enter for short now...
we have to wait for the price to break the base and gives us some pullback then only...short entry.
In Daily time frame,
support zone observed @1075...
if price tested this will be on buy side...wait for long opportunity in this zone...
the previous resistance @1140 acts as support...price again moves up...
if this not giving any pushup...a continuous fall is observed to support zone.
critical Case::
the zone @1075 acts as support, and the previous resistance acts as again resistance price fall is going to observe.
careful here.
CHOLAFIN--Near its Demand Zone??Observations::
After a strong bullish momemntum price is given us some retracement, to enter long.
previous resistance is turning to be a support....
a strong supply is seen from 1190 zone...
if price acts as a demand 1150 zone...will seen it will test the supply again.
if it wants to fall...it has to break the demand and retest then will go short.
until don't think of short.
CHOLAFIN--1100 or 1010 ??observations::
the stock is trending upwards from long time... showing bearishness now,
we have a demand zone @1012-1010 range...
keep on selling up to this zone from 1070 zone..
if price not able to break above 1070 range,
and falls below 1040 range sell up to 1020 range..
False breakout also be possible ...
keep track these levels..
Buy Plan::
CHOLAFIN--Consolidation + Up side ?? ----->> the stock is trending upwards in daily time frame.
------->> the previous resistance @ 820 level was broken strongly, observe a consolidation before showing bullish pressure above 820 levels.
------->> now the price is almost trading 200 points above the resistance previous.
-------->> If price showing bearish pressure in tis stock will observe a strong bearish momentum towards previous resistance.
-------->> Keep track this stock for few days. It will remain continue or reversal again back to 820 levels.
Look for buy @ 980 zone to ride with Momentum if it is going again bullish. Exit if breaks 975. keep track this Instrument.
CHOLAFIN : Break the Resistance Line..!5 Step Analysis of CHOLAFIN Stock
1. On Daily TF we can see that stock was respect the resistance line from July 2022.
2. On Friday Stock has given closing above Resistance Line with High Volume.
3. Strong Mometum base build on Daily, Weekly & Monthly Basis with increase Volatility for further upside move.
4.From May 2020 Stock Made Higher High and also follow the trend support.
5. On next week stock Maintain 840 level and give closing above 840 then text level we can see at 850 and 870 in Coming week.
Cholafin #Channel Pattern Its the weekly chart of cholafin which is in a channel for quite long time. The price is making a series of higher highs and higher lows. It already retraced upto 0.618 fibonnaci levels since its previous high. Also taking support on the lower trend line of the channel ,adding confluence to the area. The price have the potential to move up in upcoming sessions.