CHART -> Century Enka MONTHLY SETUP
As seen per the chart, we can see a trendline which acted as resistance since 2006. Four times the stock got rejection from that trendline and couldn't close above that on monthly basis.
After 15 years, in January 2022 finally it was able to break out the devil trendline and gave close above that on monthly basis.
This should be enough for stock to travel in new territories, but financials has to be look into too. Coincidentally tomorrow (03 Feb 2022) is Q3 results. Keep in radar!
Disclaimer: This is for educational purpose only. This is not any recommendations. I am not SEBI registered. Please consult your financial advisor before taking any action.
As seen per the chart, we can see a trendline which acted as resistance since 2006. Four times the stock got rejection from that trendline and couldn't close above that on monthly basis.
After 15 years, in January 2022 finally it was able to break out the devil trendline and gave close above that on monthly basis.
This should be enough for stock to travel in new territories, but financials has to be look into too. Coincidentally tomorrow (03 Feb 2022) is Q3 results. Keep in radar!
Disclaimer: This is for educational purpose only. This is not any recommendations. I am not SEBI registered. Please consult your financial advisor before taking any action.