Ujjivan SFB, a change in trend with the INHS breakout
My view is biased due to being invested in it.
The pattern I am seeing is an inverse head and shoulder from which a breakout and retest is taking place...the immediate target appears to be around Rs. 38/- and the stop loss would be price closing below the red line. Although an INHS at the bottom could also be a trend change signal for a longer term scenario. The relative strength on a 200 day period over bank nifty has turned positive after the Q1 results.
The pattern I am seeing is an inverse head and shoulder from which a breakout and retest is taking place...the immediate target appears to be around Rs. 38/- and the stop loss would be price closing below the red line. Although an INHS at the bottom could also be a trend change signal for a longer term scenario. The relative strength on a 200 day period over bank nifty has turned positive after the Q1 results.