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JBMA – TECHNICAL CHART STUDY

JBMA

As per the chart we can see that recently we can see chart is moving into higher high and high low pattern, which is the initial sign on bullishness.

stock is also moving into rising wedge channel, and able to touch the upper resistance level.

even rsi also moving into same manner as a price pattern, which can show us the kindness and mildness of stock price with regards to the indicator.

even the bollinger band study indicate that stock is able to hit the upper level resistance, and can with one more green candle above previous high level can confirm the riding of bollinger bands which is the sign of breakout, yes but confirmation is needed for successful breakout pattern.

we can even see a divergence with volume on a chart where as price gives good moves with rising volume and consolidation in other part where volume low.

so overall chart and pattern study indicate us about some upcoming move only if stock able to move above breakout level.

one can look for breakout in this stock above 245 level closing basis and support should be consider at 205 level for the up move of rs. 40-80, till 285-325 levels too.

but mention patterns of bollinger, rising channel and rsi should confirm the breakout then only, above condition need to take in account once it successful close above 245 level.

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