Monday, January 26, 2015
Sunday, January 25, 2015
Thursday, January 22, 2015
HINOPAK Cup And Handle Formation (continuation pattern)
Daily chart of hinopak motors. the left side of the cup made a high of 1000, support came at 800 and again tested 1000 recently forming right cup but failed forming a perfect cup. A pull back was witnessed today which is forming the handle which should be the final consolidation before the breakout of 1000.
Breakout of 1000 if achieved with good/substantial volumes will result in the script move towards 1200 which is the distance from the bottom of the cup to the high of right side of the cup.
Sunday, January 11, 2015
Pakistan Oil Limited POL Double Bottom Formation
The script formed a low of 360 on 17/12/14, went to a peak of 403 on 24/12/14 and formed another low of 364 on 7/1/15 with volumes of 1469100 on first low and volumes of 853800 on second low. In order to double bottom to be formed, the script has to close above 403 with high volumes which will become its support level and will test if formed in coming days as well.
The OBV is also increasing with the trend suggesting volumes are increasing.
Chaikin money flow
Accumulation and Distribution graph took a bottom and moving upwards.
If the resistance of 403 is broken and sustained, it should target 443 in coming days then.
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