Nifty closed in the positive territory for the third consecutive session on Monday. The index has provided a breakout from the downtrend line resistance and with that wave four seems to have got over and wave five up seems to have started.
The stock has formed a symmetrical triangular pattern which is a continuation pattern. The momentum indicator moving average convergence divergence (MACD) has come well into the buy mode; hence, the probability of an upside has increased. Along with symmetrical triangular pattern, the stock has also formed an inverse head and shoulders pattern which is a bullish reversal pattern.
The stock has provided a breakout from the falling trend line with a clear buy crossover in its momentum indicator MACD. The move prior to this breakout was an impulsive move; hence, another impulse on the way up is expected.
The stock has provided a breakout from the symmetrical triangular pattern which is a bullish reversal pattern. It seems to have completed its wave iv with that and wave v up seems to have started.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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