Rationale # 1: TV18 Broadcast is at 50 day moving average
Rationale # 2: TV18 Broadcast setting up for Breakout
As you can see in the weekly chart above: TV18 Broadcast has a well defined resistance at 38. The stock in last few weeks has come off. It generally happens before breakout - where stock pulls back to some moving average - makes the base and then breaks out.
Will that happen with TV18 Broadcast stock?
If TV18 Broadcast stock bounces in next few days, then yes one can look for a promising breakout in the stock. The stock will be a breakout play if it bounce from 50 dma. The important word: IF
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers