Analyzing India

Bullish Setup On This Stock



Following a prolonged down move and some subsequent bottom-finding, DREDGECORP is set to confirm its reversal. The stock is currently breaking out of a falling trend line resistance, which begins from 479 and joins the subsequent lower tops. In the process, the stock has also formed a complex inverted head-and-shoulder formation, which is bullish. The RS line, when compared against the broader markets, has also reversed its trajectory and has penetrated its 50-DMA. With the price ending outside the upper Bollinger band, the possibility of the stock making a sharp move has increased. A close below 395 will be negative for the stock.

Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst

Disclosure pursuant to Clause 19 of SEBI (Research Analysts) Regulations 2014: Analyst, Family Members or his Associates hold no financial interest below 1% or higher than 1% and have not received any compensation from the Companies discussed.

Milan Vaishnav
About the author: , CMT, MSTA is a qualified Independent Technical Research Analyst at his Research Firm, Gemstone Equity Research & Advisory Services in Vadodara, India. As a Consulting Technical Research Analyst and with his experience in the Indian Capital Markets of over 15 years, he has been delivering premium India-focused Independent Technical Research to the Clients. He presently contributes on a daily basis to ET Markets and The Economic Times of India. He also authors one of the India's most accurate "Daily / Weekly Market Outlook" -- A Daily / Weekly Newsletter,  currently in its 15th year of publication. Milan's primary responsibilities include consulting in Portfolio/Funds Management and Advisory Services. His work also involves advising these Clients with dynamic Investment and Trading Strategies across multiple asset-classes while keeping their activities aligned with the given mandate. Learn More
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