CENTRAL INDUSTRIES PLCUpdated CIND | Cup & Handle
The stock has broken above the Cup and Handle pattern and is currently facing resistance at the target price of 87. Additionally, it appears to be forming another, wider handle formation. If the stock retraces, it could test the neckline at 79.50 levels for support before potentially moving higher towards the second target price of 96 levels (at Fibonacci retracement of 0.786) based on the broader Cup and Handle pattern. However, if the 79.50 level fails to provide support, the stock may test the 74.50 level (which represents the 0.618 Fibonacci retracement taken from the levels of 66 to 86.4).
Note
02/03/2023The stock has retraced towards the neckline at 79.50 levels. If a new higher low is made at these levels, it will be bullish for the stock.
Note
07/03/2023After finding support around Rs. 79.50 levels it is now moving towards Rs. 96 levels.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.