Naukri's stock has seen a strong improvement in the last two days.
i. Prices have gone above the 8EMA, with the structure of MA's at a benign 8EMA>50SMA>200SMA.
Note: The 20SMA has not yet gone above the 50SMA and 200SMA. That would be a strong point to notice. Once the MA structure is at Price>8EMA>20SMA>50SMA>200SMA - It would be a theoretically perfect...
This post highlights the previous strong uptrend in BSE, and the consolidation it led to.
The chart also indicates how it behaved during the consolidation phase.
Certain pointers:
i. The average maximum decline from peak in this period was of ~22-23%
ii. The price movement took resistances at the 8EMA when it tried rising during this period.
iii. The 20SMA and...
A head and shoulder pattern seems to be in formation.
The neckline based on the left recession and head recession at 756.9 & 763.05 is slightly upwards trending (would have preferred this to be downwards for a stronger bearish sentiment).
The region of 763.2 to 785.8 seems to be a relevant area, where the stock has spent a considerable time since 28th June 2023....
Ansys seems to be forming a head and shoulders top.
Left shoulder - 31st March 2023
Head - 18-19th July 2023
Right Shoulder - 6th Sept 2023
Volume details for the key areas (in '000)
i) Left shoulder
15th Feb to 31st March 2023 622.89
7 days leading upto 31st March 2023 550.04
ii) Head
4th May to 19th July 2023 457.50
7 days...
