COLPAL Long opportunity

30 jul 2022

COLPAL

Stock -> Colpal

TimeFrame -> Weekly

Hello all!
Colpal has been moving in an expanding funnel. It approached its lower channel trendline in March 2022, bounced back with heavy volumes, broke the trendline 1 and came back for a retest, and has again bounced. This makes for a good opportunity to go long!

There are multiple other indications that further strengthen my conviction:
-Formation of a 'W' pattern with a higher low formation.
-Support from 50-week EMA.
-The stock has bounced back from its Fibonacci Golden zone (between 50% and 61.8%).

Risk-averse traders should wait for the stock to close above the Resistance zone (Yellow box). However, accumulation in small quantities can be done.

*NOT A CALL*

#nifty #colpal #swingtrading #swingreversal #technicalanalysis