CMP (NSE) 15:56, 18 Jun
Last updated on
25 Nov, 2019
Bullish Candlestick pattern and Double bottom breakoutCholamandalam Investment has restarted treading is a bullish higher top higher bottom chart structure on the weekly chart and is trading around its 52-week highs. Tracking the shorter time frame, the stock has given a bullish Cup & Handle breakout on the daily chart and is expected to retest its life-time highs placed at Rs352. Tracking the weekly charts, the stock has currently entered into positive territory on MACD Histogram and is showing good strength on ADX index wherein the +DI line is quoting above the average ADX line and –DI line.
If the current impulse up-move unfolds the way it should, then we expect Cholamandalam Investment to surge higher towards its potential target of Rs369 in 6-months. The upward movement would stand void if the stock ends below the support of Rs265 on a weekly closing basis.