Strides Arcolab – Chart check

analysis

 

As per analyzing the chart of Strides Arcolab also know as STAR on weekly time frame we found that it has made some kind  of base and also bullish setup for itself but facing resistance near the earlier support zones as its resistance now.

Click on chart to enlarge the view

Strides acrcolab 04.09.2013 chart analysis

As per the chart (1) gives morning star candle stick pattern on weekly charts and today morning just touched its resistance zone while updating.

Need to cross (2) zone to confirm it is showing signs of bullish set up which  needs weekly closing of 930 .

The upper blue lines above 930 zone shows the next resistance it could face on the upside that are 1040 and 1110…if everything goes in favor of this bullish setup as per candle stick pattern then it could head to 1280 range this is nothing but 161.8% Fibonacci retracement zone.

The levels given above are all technical levels only . Please do your due diligence and chart check yourself before considering the above as mentioned . This is just for information and not a buy or sell recommendation.

While updating this i dont have position in the above stock but if it crosses my resistance zone i may consider and wish to add into my portfolio .

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