TV 18 Technical View
- For the last 2 years or more the stock has made 4 attempts at the resistance of 40-42.
- A cup and handle formation can be clearly seen.
- Lower trendline support did hold up well.
- A break beyond 40-42 can trigger a fresh uptrend.
- Cup size is almost 20 points.
- This also looks like a good rounding bottom formation.
- One can bet right away on the breakout with some risk involved or wait for a confirmation of a breakout.
The stock was recently advised in Technical Traders Club and Big Value 2.0 at 30-33 levels as a delivery pick.
The chart was as below.
Disclosure : I do come on CNBC TV 18 once in a while as a guest analyst.
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