This is how i'm interpreting the charts - BNGR has just broken its minor downtrend and initiated it's up-trend although it has to test the trend-line again to give confirmation. Pl. let me know your thoughts.
Well, that shows why analysing charts is an art. I've been standing upside down in front of the charts to identify patterns but, have always been finding fake patterns. I guess, i'm trying to force patterns on the chart
T'ji can you give us some practical tips / techniques on how one should go about analysing the chart and avoid the amateur mistakes, like the one you just came across.
Bongaigaon has given breakout from its downward channel. The first target according to me is 105 - 110. I still don't know how to calc SL so, i'll take it as the top line of the downward channel (see T'ji's chart from previous post)as the SL.
bongaigaon will confirm the break out if it does not close below 92.65 in the next few days. though it closed for 2 trading days above 96, today it came down to 93.25. anyway difficult to see it cross 107 in the coming days. yearly profits will be great, & hefty dividends will be declared, but from April 1,'05, import parity prices is not being passed on to stand alone refineries. this will impact this year first quarter profits.