Hello to everyone
As we can see on the chart the stock was trading in downtrend and has seen a sharp decline in the price. Stock continuously formed LH and LL , which confirms that price was trading in downtrend as per the Dow Theory , But this time the price has formed a higher low instead of making lower low, which indicates that the downtrend of the price has ended and now the trend reversal can happen in the price and price can go upside in next coming trading sessions. The upper targets of price are 970---1008--1055.
#COROMANDEL 📊
👉Ascending Parallel Channel Breakout
👉Retasted at upper parallel line
👉Price Made First HH and HL
👉Bullish Structure
👉Trend reversal after long decline period
👉Support 880/883
👉Targets --971/1008/1057
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad.
As we can see on the chart the stock was trading in downtrend and has seen a sharp decline in the price. Stock continuously formed LH and LL , which confirms that price was trading in downtrend as per the Dow Theory , But this time the price has formed a higher low instead of making lower low, which indicates that the downtrend of the price has ended and now the trend reversal can happen in the price and price can go upside in next coming trading sessions. The upper targets of price are 970---1008--1055.
#COROMANDEL 📊
👉Ascending Parallel Channel Breakout
👉Retasted at upper parallel line
👉Price Made First HH and HL
👉Bullish Structure
👉Trend reversal after long decline period
👉Support 880/883
👉Targets --971/1008/1057
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad.