The previous post was written more than 3 years ago, when the Rs 2 face value stock had soared past the Rs 500 mark. It subsequently corrected with the broader market and closed at a low of 374 in Aug '13.
A spectacular bull rally followed. After crossing above the 800 level with a strong volume surge, all four technical indicators entered their overbought zones.
The stock entered an 8 months long sideways consolidation within a 'rectangle' pattern, from which a sharp upward break out propelled the stock above the 1000 level.
-- A spectacular bull rally followed. After crossing above the 800 level with a strong volume surge, all four technical indicators entered their overbought zones.
The stock entered an 8 months long sideways consolidation within a 'rectangle' pattern, from which a sharp upward break out propelled the stock above the 1000 level.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/03/stock-chart-pattern-cummins-india-update.html
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