Narayana Hrudayalaya : Multi week consolidation breakout !!!
This stock has been listed recently and have trading records of approximately 4 years.
Post couple of months of listing, stock witnessed deep correction declining near 180 levels from all time high of around 380. After forming a low near 180, stock again gain upward momentum and challenged its previous highs.
However, price again witnessed sharp selling pressure from the previous supply zone and faced sharp decline and formed a low around 200 in a jiffy.
In march 2020, stock printed a bottom around 200 and saw immediate rise towards 300 levels and from thereon price has been trading in narrow range.
Previous week, price managed to close above the resistance zone forming a bullish candle and hinting bulls likely to take leadership going forward.
Price has been trading above short,medium and long term Moving Averages which signals strength in price.
Also, price has given breakout from Squeeze Bollinger Band which hints price likely to extend its volatility in northward direction.
Moreover, the Price-volume indicator attached below, has entered into Positive Territory which compliments bullish view in price.
Furthermore, Momentum oscillator (Second chart) has given bullish crossover after good amount of time which increases probability of breakout.
Looking at price action and positioning of other technical tools, i believe price has potential to challenge its previous life time high in coming weeks. The above mentioned bullish view terminates if price fails to produce upward momentum and closes below 275 levels.
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| NH Weekly chart (Click to enlarge) |
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| NH Weekly chart (Click to Enlarge) |
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Disc. The above shared analysis is solely my view as per my understanding and knowledge and for educational purpose. I will not be responsible for any loss or gain incurred.
