Hi Karthik and Roneeth,
In case of the scrip 523519-HCL Office Automation: I have observed a certain type of triangle formation. (*** not exactly the Ascending type***)
It is like this:
The triangle has formed between the 15 days MA and 45 days MA. First triangle is during 18.05.05 to 13.05.05 and the second is from 25.07 to 16.09. In case of the first triangle, price rose from Rs 7 to Rs 13 and then slowly came down and stablised at around Rs 10. In this process, 15 days MA first rose up then slowly came down, touched 45 day MA and thus formed a triangle with 45 day MA ---- which was continuously rising. Now this triangle was not exactly a right angled one. Here two sides of the triangle are contributed by 15 days MA and third side by 45 days MA.
Anyway, after 15 days MA touched back the 45s day MA, price shoot up after a few days, attained a new peak of Rs. 17 and then came down slowly , thus forming a new triangle similar as the previous one.
I am now observing whether a next price rise takes place or not.
Now my question : Is there anything tehnical in the above or it is just a coincidence and price rise etc. was because some market player had manipulated the scrip as it is a penny stock scrip and average daily volume is very less ---- Normally average daily volume is at the range of 10000 to 20000 and during price shoot up, volume rose upto 3 lakhs.
Regards,
T_learner