Syngene 705. The daily chart put up below shows the importance of staging. On left side, once the stock price broke out above 650, it raced ahead quickly to 860. A lot of folks were excited by this breakout move. But with distribution and a head and shoulders pattern formation and subsequent breakdown with a gap below 760, it corrected to post a low of 671 and went up and faced resistance at exactly neckline of the head and shoulders pattern. It then went down and formed a double bottom at 670-675 region and now we need to see how it goes. The equation seems well defined here. A breakout above 760-770 would confirm a double bottom pattern whereas a breakdown below 670 would indicate further bearishness.
I don’t have positions here but the chart has very clear cut breakout and breakdown levels which could he used for learning purposes.
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