CENTURYTEX - Weekly Chart Analysis
Coming out of consolidation of almost 2 years. Volumes went dry during this consolidation.
Textile sector on the other hand showing strength.
935-1024 shall now act as good support. If it manages to close and sustain below these zone then our view stands invalid.
After breaking the ATH level of 1024 it went into 7 week consolidation and past 3 weeks it has managed to close and sustain above 1108 level which it was having difficulty closing earlier.
Volumes are decent. Stock is also trading above its key moving averages.
As per the trend based fib 1390 - 1600 - 1890 levels can be tested in the long term.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Textile sector on the other hand showing strength.
935-1024 shall now act as good support. If it manages to close and sustain below these zone then our view stands invalid.
After breaking the ATH level of 1024 it went into 7 week consolidation and past 3 weeks it has managed to close and sustain above 1108 level which it was having difficulty closing earlier.
Volumes are decent. Stock is also trading above its key moving averages.
As per the trend based fib 1390 - 1600 - 1890 levels can be tested in the long term.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
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