When a stock quietly makes a NEW HIGH above a well-defined resistance and then sustains above it for few days/weeks, then it usually makes a follow through solid move without much noise. It’s called a Push Breakout…as the name implies pushing to a new high and then continue walking above it.
Case Study # 1: Hindalco
Source: Chartalert.com
As you can see in the chart above- Hindalco stock broke out above a well defined resistance level of 200-205 and then it quietly made another bullish upmove to 260.
Case Study # 2: Motherson Sumi
Source: Chartalert.com
As you can see in the chart above: Motherson Sumi broke out above a well-defined resistance of 240 and sustained above it – resulting in more solid upmove in days and weeks to come.
IT’S MORE LIKE CHALTE RAHO BULLISH RUN
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers
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