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Saturday 28 March 2015

ANALYZING CHARTS

                           Chart Of Century Textile.                                  
Above shown is the daily chart of Century Textile with some technical patterns shown. The tops marked as 'A' and 'B' approximately at a price level of 600 had formed a double top pattern giving a strong resistance to the stock but as we can see in the last trading session the stock has breached the level with a strong volume unlocking its level for upside. Also, a trend line which was breached on the upper side some days ago was retested at the point marked 'C' making a very bullish reversal pattern. Therefore, according to me the stock can gear for targets of around 640-645 and one should maintain a strict stop loss below 585. It would be safer to buy the stock as the price breaks the 615 level. I am expecting the target to be achieved in a short duration....

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