hi anuj…
excuse the late reply…
as @manivannan.g mentions his analysis , i have nothing more to add to that…
suven is one of the scrips i am very interested in technically for this bull run and i have mentioned about it earlier
Bull therapy 101-thread for technical analysis with the fundamentals - #375 by Capsule91
the accumulation is complete, supply absorbed, the problem the stock is facing for the last couple of months is that the composite group is unable to launch a adequate bull market campaign, and the markup is not happening and the resistance is being faced repeatedly, so i dissected the market a bit here’
the numbers are the total volumes transacted within each swing
so looking at the trend, the demand look still in control, the 14.2 million volume driven swing failed to break out and got converted into upthrust, the downswing from that upthrust was on save volume as the previous downswing when the rally started 5.7 million shares…
similar pattern if u look at the upswing volumes
so there is no drastic selling forces thats coming in the system…
ans also the decline swings seem to go in a pattern… 5.6m to 0.8m to 1.7m on the first series…
then again post upthrust… 5.7m to 1.3m to 1.8m
whats coming is interesting…
one may say this is an ascending triangle forming… and the net volume is inflow and building up more accumulation in the strong hands…
so might remain rangebound for some time, and this is good rangebound market in a persisting uptrend channel…
[what i am watching with caution, is a downswing of any length in y axis, with heavy volumes, if that happens, the theory changes and there might have been distribution, which is unlikely, but still a possibility, (else what are stops for?)]
i am bullish here, accumulating each dips…
earnings, should be the time to watch for a breakout…
goodluck