Biocon gained 3.1% on above-average volume in today’s session. The stock closed 2.8% below its all-time high of Rs 696.60. It had been trading sideways in a cup-with-handle base pattern for the past 14 weeks and managed to close above its pivot price of Rs 675.50.
There was a huge buying interest in the counter of Oracle Financial Services Software as the stock entered new high ground after rising 5.6% in today’s session. It broke out of a 33-week-long consolidation base pattern and closed 2.5% above its pivot price of Rs 4,379.20.
Why are handles an important part of two key chart patterns, the cup with handle and the double bottom?
In a nutshell, these visual patterns represent a final significant decline in a stock, setting the stage for a possible surge to new highs. This final shakeout of weak shareholders acts as a verification that selling is done and the stock is ready to advance. Continue reading “Spot Traits of Proper Handles in Good Bases”
IOL Chemicals jumped 14.5% during the week, aided by heavy accumulation. The stock scores well in both fundamental and technical proprietary ratings with EPS Rating of 82, Price Strength of 96, Buyer Demand Rating of A and Industry Group Rank of 31.
Sonata Software broke out of a 20-week-long consolidation base on above-average volume as it gained 6% in today’s session. The stock has a strong technical profile with Price Strength of 93, Buyer Demand Rating of A and Industry Group Rank of 8.
