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Indian NSE CNX Mid Cap Index starts new intermediate
uptrend
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Indian NSE CNX Mid Cap Index starts new intermediate
uptrend
The NSE CNX Mid Cap Index was in an consolidation for
over two months during which time it had formed a
Symmetrical (contracting)
Triangle pattern.
Last week saw an upside breakout out of this
contracting triangle which confirmed the bullish trend
in the mid cap stocks.
As breakouts out of such contracting triangle
patterns lead to sharp moves in the direction of the
breakout. To take advantage of this upside breakout we
have identified some stocks that we feel have the
potential to provide huge upside gains to investors.
Among some of them we recommend:
|
Bongaingaon Refi |
|
Essar Oil |
|
Harrison Malayal |
|
Jain Irrigation |
|
JINDAL SAW |
|
Kopran Ltd |
|
Orient Paper |
|
SBI Home Finance |
|
Sirpur Paper |
|
Tata Metalik |
|
Titan Inds |
|
Tourism Finance |
|
Unichem Labs |
|
Vardhaman Acryl |
These stocks are some of the stocks recommended in
out
Trend Trading Picks Newsletter. If you would
like to profit from the large upside move in the mid-cap
sector, know exactly when to enter and exit to book
profits in these stocks we suggest you to
subscribe to
the Trend Trading Picks Newsletter.
The Trend Trading Picks Newsletters tracks and
provides trading signals in over 300 large and mid cap
stocks including all major indices.
Symmetrical (contracting)
Triangles
Symmetrical triangles can be characterized as areas
of indecision. A market pauses and future direction is
questioned. Typically, the forces of supply and demand
at that moment are considered nearly equal. Attempts to
push higher are quickly met by selling, while dips are
seen as bargains. Each new lower top and higher bottom
becomes more shallow than the last, taking on the shape
of a sideways triangle. It's interesting to note that
there is a tendency for volume to diminish during this
period.
Eventually, this indecision is met with resolve and
usually explodes out of this formation (often on heavy
volume.) Research has shown that symmetrical triangles
overwhelmingly resolve themselves in the direction of
the trend.
With this in mind, symmetrical triangles in my opinion,
are great patterns to use and should be traded as
continuation patterns.
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