CCL PRODUCTS : ATTRACTIVE CHART SETUP
The stock topped out in Feb 2017 and post that stock has been underperforming.
After printing an All time high in Feb 2017, stock has been consistently making Lower high and lower lows.
The underperformance continued almost for more than 3 years and now stock popping up some bullish signals.
The stock was precisely trading inside Descending channel from last 3 year and now price has registered breakout from the same which marks an first bullish signal.
Moreover, the breakout has accompanied with surge in volumes and wide bullish candlestick.
From past few weeks stock price was struggling to break its previous swing high (260), however this week price has broke the ceiling and has closed above the same which is another positive signal.
Aswell, stock has been trading above 200 Exponential Moving Average which shows strength in price.
Furthermore, the Price-Volume indicator has reversed taking support near 0 reading which compliments bullish view in price.
The Strength indicator, MACD is above 0 reading and MACD edging higher converging its moving line which indicates prior trend likely to continue.
Following the price action and other indicators positioning, the stock price has potential to scale higher towards 310-350 in short to medium term.
The above view hold true till price does not close below 240 levels. The strong support is visible around 263-255 levels.
 |
| CCL PRODUCTS (W) (Click to Enlarge) |
Thankyou for reading , If u enjoyed and liked the post do Share, Comment and Follow the blog.
Connect me on Twitter handle : @Rohanshah619
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.
No comments:
Post a Comment