Sharda Motors gave a breakout above previous all time high of 950 ( high of 954 in Dec 2021 and high of 949.90 in Sep 2022) and few weeks back in Sep 2023 with a big bullish weekly candle and went on to post a fresh all time high of 1101 in Sep 2023. Since then it has been in a corrective mode and came down and retested the breakout zone of 950 twice, by posting swing lows around 940 and closed last week at 976.
Usually post multi year and all time high breakouts, there are retests, often multiple retests and consolidation for few weeks, months before stock price starts taking off again. Retest and consolidation is the pattern happening in Sharda motors currently. Note the 10 week EMA in dotted blue line providing support to the stock price during corrections. (disc: invested and views may be biased)
