POWERGRID
POWERGRID is forming an "Ascending Triangle" pattern on daily charts. After giving an uptrend it has been consolidating and has already retested the upward trend line 2 times. It is facing heavy resistance around 215 levels and has strong support near 201.
My Views:
1. Probable "Ascending Triangle" is forming which is a bullish pattern.
2. Strong Resistance at 215 levels and 201 levels will act as strong support. If it breaks the following support next support will come near to an upward moving trend line and breaking of that point will ensure a trend reversal. On the flip side, if the resistance around 215 levels is taken out with high volumes an initial target of 228 is possible.
3. Daily RSI shows neutral divergence against price which means it will consolidate for some time before giving breakout and might complete the "Ascending Triangle" pattern.
Conclusion
According to my opinion wait for a breakout of resistance with high volumes. After the breakout, an initial target of 228 is possible (12% upside after the breakout).
Those are my views and are only for knowledge purposes. Please act Wisely and Carefully.
My Views:
1. Probable "Ascending Triangle" is forming which is a bullish pattern.
2. Strong Resistance at 215 levels and 201 levels will act as strong support. If it breaks the following support next support will come near to an upward moving trend line and breaking of that point will ensure a trend reversal. On the flip side, if the resistance around 215 levels is taken out with high volumes an initial target of 228 is possible.
3. Daily RSI shows neutral divergence against price which means it will consolidate for some time before giving breakout and might complete the "Ascending Triangle" pattern.
Conclusion
According to my opinion wait for a breakout of resistance with high volumes. After the breakout, an initial target of 228 is possible (12% upside after the breakout).
Those are my views and are only for knowledge purposes. Please act Wisely and Carefully.
כתב ויתור
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