Borosil Limited | Inverted Head and Shoulder + Retest | CMP 383
Updated
Before identifying the inverted head and shoulders, we should see the trendline starting in October 2021 near ₹260 till the recent one near ₹420. It reversed from there after touching.
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Now if we combing the Inverted Head and Shoulder structure, we can see that after it broke the neckline (blue horizontal line).
After breaking it touched the resistance and is coming down for a retest and we may presume 370-380 levels to act as a strong support in daily timeframe.
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We can see in the chart that something is cooking fundamentally, we can go long over this.
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Buy can be initiated at Current Market Price i.e ₹383.20, ₹370.00, and ₹360.00
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Fundamentally this a good stock and I have this in my Long Term Portfolio.
Stoploss can be kept around ₹325-320
.
Now if we combing the Inverted Head and Shoulder structure, we can see that after it broke the neckline (blue horizontal line).
After breaking it touched the resistance and is coming down for a retest and we may presume 370-380 levels to act as a strong support in daily timeframe.
.
We can see in the chart that something is cooking fundamentally, we can go long over this.
.
Buy can be initiated at Current Market Price i.e ₹383.20, ₹370.00, and ₹360.00
.
Fundamentally this a good stock and I have this in my Long Term Portfolio.
Stoploss can be kept around ₹325-320
Note
Current Market Price is ₹434, and with this the 1st target is reached.Its last high 2 days back was around ₹450, which was almost 17%+ up.
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At this price, I would say that it is on a retest for further more moves.
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People who are on swing can book, long term holders can wait.
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