Pudumjee Paper - Ready to Print Currency Notes :)There is no Election without Liquor & Briyani, and neither without Advertisements about each political Party
Liquor, Media, Paper stocks were expected to Rally from couple of months back, but none of them picked up the Rally until now where many portions of India has already completed Election
Anyways, our earlier Pick of Paper Stock - Pudumjee Paper is all gearing up to print Money Bills soon
Comparison on Daily, Weekly and Quarterly charts clearly articulate how Support and Resistance works and how each pattern contributes incrementally to another larger chart Pattern
Quarterly View: 7 Year Rounding Bottom Breakout done. In between, the Price also had a Fib 0.5 scale retracement and Bounce with Extended Fib Targets as shown below
Fib 1.618 Target = 98
Fib 2.618 Target = 139
Weekly View: Look at the Long Dragon Fly Doji pattern on the week of 11th March. Its a very important structure as it tested and bounced from 2 support levels.
The Wick bounce from the Previous Cup and Handle BO at 55
The Candle body finished above the Multi-year Rounding Bottom BO Trendline (highlighted in Quarterly chart)
Daily View: On the Daily, there are 2 bullish structures
Inverted H&S - On verge of BO above 75 for Target of 98 - which matches FIB 1.618 target of Quarterly
Rounding Bottom - BO pending above 84 WCB for Target of 114
As you can see the structures, patterns, supports, resistances and Targets of one Pattern has overlap / leads to the components of next larger pattern. These are NOT coincidences. This is how Chart patterns do get formed based on People Behaviour which is repetitive and which is governed by 2 main aspects (Greed & Fear)
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