Wednesday 21 September 2016

Arvind Ltd – Inverted Hammer (Entry Price: 333)

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Arvind Ltd on a daily chart stock price has formed the inverted hammer pattern, indicate stock price will reverse after falling two days. It would be a reversal for stock price, buying happen yesterday at lower low which give confirmation for buy. Also on daily chart this week stock price has given breakout at Rs. 333 level of ascending triangle pattern and price is trading near the breakout which add bullishness for the stock price. 


If one were to go by the volume data, a higher upswing is seen on the stock price. Trader or investor can accumulate at Rs. 333 for the target of Rs. 355/363 levels, with Rs.324 stop loss on closing basis.


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