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Tulip on a breakout??

Discussion in 'Technical Analysis' started by monilhathi, Jun 21, 2012.

  1. monilhathi

    monilhathi New Member

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    What about Tulip Telecom? I think it is forming a positive breakout. Please confirm
     
    monilhathi, Jun 21, 2012
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  2. shabbir

    shabbir Administrator Staff Member

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    I see a complete breakdown in the stock.

    Can you suggest some levels of breakout
     
    shabbir, Jun 21, 2012
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  3. monilhathi

    monilhathi New Member

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    I intepreted it as a breakout because it went up almost 10% today without any significant news and with volume. Also my chart analysis shows in uptrend. I may be wrong :confused:
     

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    monilhathi, Jun 21, 2012
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  4. masihpatel

    masihpatel Active Member

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    I am agreed with you shabbir, looks like breakout is almost over.
     
    masihpatel, Jun 21, 2012
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  5. shabbir

    shabbir Administrator Staff Member

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    What your charts are saying is because of a trading bounce. 3 years of constant down trend and some activity in the stock could cause such bounces. So it is not a breakout. Even if you want to see a breakout - A mini breakout in a down trend was seen at 85 odd levels but nothing significant and so this is a trading bounce

    Going up with volume and without any news is clear indicator of some management plays. It may be a good stock for intraday shorting when the volumes decline.

    I never told it is breakout. Read again what I told.

     
    shabbir, Jun 21, 2012
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