cromton greaves

this stock has made double bottom and now in leg up. do you think it as a buy for the target 137/159 and sl as 122.....cmp is 128.

 

I don't understand how you are saying it as double bottom in an uptrend.
Rather that you can say it took support of 122 which it touched twice.
If uptrend continues 135 should be achievable.
Also you can treat it as double top and if it breaks 120 you should exit your longs.

 

thanks shabbir

 

Don't you guys think 120 is too low to wait on.. With today's candle, I guess its not a good idea to stay long in this stock if it breaks 125 levels on a downside...

 

122 support price has been touched thrice so we are putting our SL 2 points below this.
If you want to play more safe you can consider 122 also as SL but we should always give some room for price to bounce back that's why 120. Hope it clarifies.

 

Crompton completed DoubleTop pattern which was mentioned in my earlier post#2 and got confirmation yesterday with close at 120.5 breaking support line of 122.
Aggressive Traders can go short now with TG1 114 and TG2 108 and SL close above 122.
Safe Traders can wait for complete closure below 120 with same above targets.
Shabbir please correct me if I am wrong.

 

TG1 touched

 

TG2 hit.

 

With today's closing, did Crompton greaves made a bullish head and shoulder pattern?..

I am with the view that today, it broke the trend line of 118 on the upside and really has the potential to go up in the next one or two trading sessions.. Your views are expected please..

 

It has resistance at 122. If closes above 122 then can target 135.
Shabbir your views please

 

Shabbir 122 acted as support in prior uptrend thats why saying it as resistance.
Attached chart