Friends, earlier we have seen Cup & Handle breakout in ABBIndia Ltd. and our two targets are done in the same. As I am tracking Nifty & Bank Nifty on a daily basis, charts are looking good for upside in next week. That’s the reason I am bullish on Century Textiles & Industries Ltd. before a breakout.
Century Textiles & Industries Ltd. (NS: CENTURYTEX) is a textile, cement, paper manufacturing, and export company based in Mumbai. The main business activity involves the manufacture of cotton textiles, yarn, denim, viscose filament rayon yarn, tire-cords, caustic soda, sulphuric acid, salt, cement, pulp, and paper. The company also has a substantial dominance in the international textile markets and exports its products to more than 45 countries around the globe.
Technical Overview of CENTURYTEX: In the below chart, we can see the stock price has started fall from the level of 950 on the date of 21st December 2018 and fall was stopped around previous low i.e. 710-720. On 20th February 2019, the stock price has made a large green candle and has given confirmation of Morning Star. Fall converted into the rally and has completed Cup in next 25 trading days. On last Thursday stock price made low of 915.35 and closed around 940, also completed the Cup & Handle chart pattern. The difference of 25 points (Up Side) in this profit booking market. Is this strong confirmation before breakout?
I am bullish on this study, the reason behind that is Market is bullish, Stock is ready for a breakout, and the risk-reward ratio is 1:2. We can enter from current levels with the small stop-loss of 915.
Previous Articles:
MarutiSuzuki India Ltd. and Tata Consultancy Services Ltd. both are given the first target.
Contact: 9975285231
Email: rajputsagar111@gmail.com
WhatsApp Intraday Calls: https://chat.whatsapp.com/E2phy1bUjp5DjDXzUhnUy2
Disclaimer: The contents produced here are purely for educational purpose. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
No comments:
Post a Comment