The chart for Federal-Mogul Goetze (India) Ltd (
FMGOETZE
) shows a bullish chart pattern known as a "Continuation Wedge (Bullish)."
This pattern suggests that the stock price, currently at 350.45, is likely to increase in the near future, with a first potential target price of 377.70
In essence, the Continuation Wedge (Bullish) indicates a temporary pause in an ongoing uptrend. It is characterized by two converging trendlines, both sloping downward against the prevailing uptrend. During this phase, there is a battle between bears (sellers) and bulls (buyers). However, ultimately, the bulls gain the upper hand, as the stock's price breaks above the upper trendline. This breakout signals a continuation of the prior uptrend, suggesting that the stock is likely to resume its upward movement.
In simpler terms, it's like a brief pause in an upward trend, but the bulls are expected to take control again and push the stock's price higher.
PLEASE NOTE THAT:
FMGOETZE
) shows a bullish chart pattern known as a "Continuation Wedge (Bullish)." This pattern suggests that the stock price, currently at 350.45, is likely to increase in the near future, with a first potential target price of 377.70
In essence, the Continuation Wedge (Bullish) indicates a temporary pause in an ongoing uptrend. It is characterized by two converging trendlines, both sloping downward against the prevailing uptrend. During this phase, there is a battle between bears (sellers) and bulls (buyers). However, ultimately, the bulls gain the upper hand, as the stock's price breaks above the upper trendline. This breakout signals a continuation of the prior uptrend, suggesting that the stock is likely to resume its upward movement.
In simpler terms, it's like a brief pause in an upward trend, but the bulls are expected to take control again and push the stock's price higher.
PLEASE NOTE THAT:
- This chart analysis is only for reference purpose.
- This is not buying or selling recommendations.
- I am not SEBI registered.
- Please consult your financial advisor before taking any trade
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