TITAN
continuation post…
the action corrected and bounced off the 802 level which was an important support on confluence … and it looks like a head and shoulder more now than before…
evidence of distribution on upthrust which was actually shortening of thrust on lower volumes , and backed by heavy show of downswing volumes…
the case can be made using the wyckoff’s third law effort vs reward , that the massive second downswing with 136 million share transaction failed to produce a new low and maintained the support at 802…
in that case this might look like a reaccumualtion and the downswing supplies are being absorbed…
and we shall never know for sure until markdown/markup begins…
but considering the numerous divergences in mathematical indicators, and the climactic stopping of the trend by a heavy downswing generating a buying climax and a automatic reaction, followed by the the upthrust…
this is to me, seems like the composite operator is trying to keep the price floating high and distributing the shares to the retail without triggering a downtrend[markdown] until they are done…
the probable right shoulder might turn out to be a last point of supply…
i will take the side of distribution being the more likely phenomena going on, rather than reaccumulation…
its almost funny, most of the broker houses have given a long target on this scrip in the last few months, except hdfc which has recently changed stance to neutral…
i remember, in himadri specialty how brokers were ultra bullish on their publications , all hitting the news feed of the retail right when it was doing the upthrust before markdown began…
disclaimer… no current or prior positions, not interested