Neuland labs was previously covered in another thread when it was undergoing its fall… It achieved its pattern target of 1000 and has been consolidating above that. Now it seems to be forming interesting confluence of patterns as shown in the following daily line chart.
First is obvious double bottom pattern with bottoms near 1000 and intervening peak near 1420. If and when it clears 1420 and pattern confirmation happens, pattern target can be 1800.
Secondly it has broken out of a small cup and handle pattern shown on right side of chart, with breakout above 1265, marked in dotted line. Pattern target for this pattern is 1470, (above the level needed to confirm a double bottom breakout)
Thirdly a symmetrical triangle breakout, marked on the chart, and a retest of both the breakouts, i.e from symmetrical triangle and cup and handle. Friday close was a good close, above 200 dema marked in fluorescent green.
disc: no positions… In watchlist. Posted for academic purpose as I have been following Neuland charts since a long time.
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