A Just Dial from bulls as the name itself suggests. The Just Dial has shown a strong reversal on upside shows the power of reversal trading pattern unleashed.
Below is a weekly chart of Just dial analysis as of 20th May 2019.
It has been distinct under performer after cracking from 1900 to 320 odd levels. After past 5-years correction from 2014 to 2019 now stock seems to be have reversed the trend northwards.
After 34-months of basing pattern stock has now broken out of ascending triangular pattern above 618. Hence stock is showing the impulsive effect of pattern after a breakout up 8.5% today.
In a nutshell, the trend for Just Dial still remains to be positive and eventually stock could head further northwards. A move towards 720/790/850 can be expected in medium term. Thus traders can use protective stops and fresh entry is advised only on dips.
But the million dollar Question is how to identify such STAR Trade setups?
The basics of technical analysis techniques combined with patterns are effective in setting up the trades most of the times. Also advanced analysis concepts when combined together with basics would give high conviction in trade setups with edge in risk management.
Thus for traders, it is also important to time and gauge momentum combined with application of risk & money management techniques to be a successful trader.
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