This is one stock and sector which i have tried to avoid for very long but for now the formation looks pretty interesting.
DLF Technical View
- The recent bottom was at the channel lows.
- The downward channel resistance has been taken out in last few sessions.
- It can even be considered as an inverted head and shoulder.
- There are 3 tops around the 120 mark which will act resistance.
- Stock is consolidating around the 120 mark. Supports at 115-117.
- Next resistance at 145-150.
- Further long term trend can change if it crosses 150.
Disclosure - The stock has been recommended in Technical Traders Club at 120-121.
Nooresh Merani
Securities covered above:: DLF
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