Bharat Rasayan
CMP 8934
It has just broken rising channel – it is in Stage 4 since last few months.
Currently it is trading below 40 months moving average – so it needs a lot of strength , lot of buying by big hands to re-start its upwards journey.
And it has broken the recent rising channle also – againa sign of weakness.
As per monthly chart , next support should be near 8100-8200 levels ( shown by blue line)
But of results don’t improve and sector-stocks do not change its path , then fall can be brutal.
In very short term it can halt or can remain range bound as RSI is at very low levels on daily charts and it needs to be heated up to start next leg of fall.
Monthly Chart
Disclaimer :This post is just for learning few methods of price-patterns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors.
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