Top 2 Short Term Trading Picks with 'Bullish' Chart Patterns

  • Stock Market Analysis

(1) Reliance Industries (NS: RELI )

The stock has recently been showing bullish momentum after a period of retracement. It has formed a Bullish Cup with Handle chart pattern on weekly charts.

Cup with handle is a pattern which indicates temporary halt in the underlying momentum/trend of the stock. An eventual breakout from the trading range indicates a fresh momentum building up, which is seen in case of Reliance, also. The stock has already broken out of its trading range and looks appropriately twined with the underlying indices too for an up move. A rising OBV indicator further indicates the strength of volume in the counter. Fresh Longs may be initiated in this counter above 1335.

My outlook for the stock in Short Term & Medium Term is Positive.

Technical Pattern: Cup with Handle+OBV

(2) Havells India (NS:NS: HVEL )

The stock has been trading in a positive price channel on weekly charts giving an indication of the bulls thriving in the counter.

On Daily Charts also, the stock has formed a bullish chart pattern, Ascending Triangle and the pattern has already given a breakout from 750 odd levels, indicating a fresh bullish thrust. Apart from the bullish chart pattern, momentum indicator STS is also trading in overbought zone indicating strength in the counter. This bullish momentum may continue in the counter in the immediate term. Fresh Longs may be initiated in this counter above 770.

My outlook for the stock in Short Term is Positive

Technical Pattern: Ascending Triangle+ STS

Original Post

The above analysis is based on closing prices as on 12th March 2019 & Trading levels mentioned in the post are valid up to 1 month

Disclaimer: All views expressed in this site are for reference only. Readers must consult their own investment adviser before taking any investment/trading decision.

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