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Writing threads on #Fundamentals of a stock has been trending so why not thread on explaining #Technicals of a stock!
"Here is a thread analyzing Technical charts of #Cignitech" - Answer of #chart kya bolta hai.
It gave a rounding bottom + 7 yrs of consolidation breakout!
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"Here is a thread analyzing Technical charts of #Cignitech" - Answer of #chart kya bolta hai.
It gave a rounding bottom + 7 yrs of consolidation breakout!
1/n
* Weekly Breakout of 7 years of consolidation was with huge volumes (highest since listing)which made it a high conviction trade as Price Action has to be backed up with volumes.
* Higher the consolidation before breakout higher conviction on the trade, faster the move after it.
* Higher the consolidation before breakout higher conviction on the trade, faster the move after it.
* If you missed the initial breakout then the best time to buy it is on retest with lower volumes on lower time frame i.e daily or hourly!
* The stock made a perfect retest on daily with low vols. & made a reversal pin bar on Weekly at 21 WEMA on 23rd Aug (perfect reentry point)
* The stock made a perfect retest on daily with low vols. & made a reversal pin bar on Weekly at 21 WEMA on 23rd Aug (perfect reentry point)
