Finally, SAKSOFT has given a breakout from huge consolidation of almost 1yr.
During this period, it constructed a massive inverted head and shoulder pattern whose
depth is 36% and breakout came above 1140.
Both volume and RSI are supporting the up move. RSI is breaching above 60.
Volume has started buzzing despite Nifty IT lacking strength.
The only thing to ponder is stock is going to split on 23rd hence traders who avoid
playing events are advised to be on the backfoot or sit with a tight stop and the event trader
can take an aggressive stance.
During this period, it constructed a massive inverted head and shoulder pattern whose
depth is 36% and breakout came above 1140.
Both volume and RSI are supporting the up move. RSI is breaching above 60.
Volume has started buzzing despite Nifty IT lacking strength.
The only thing to ponder is stock is going to split on 23rd hence traders who avoid
playing events are advised to be on the backfoot or sit with a tight stop and the event trader
can take an aggressive stance.
