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Century Textile Showing Strong Reversal Signals!!

Century Textile showing strong reversal signals!!

Technical View

Century Textile halved from the highs of 1450 odd levels.  The 700 levels has been a good support for the stock as seen previously as well. The stock then made a double bottom at the same zone. Double bottom is a  directional signal and an indication that the bulls  have taken charge. The last lower high at 930 levels was broken last week. This zone also has the Fibonacci confluence zone at 910-930. Therefore an important resistance zone was broken last week. For the breakout to be confirmed the stock needs to stay above the 910 levels for a few weeks. The stock  definitely looks very strong now with the double bottom in place and the neckline at 930 being broken on a weekly basis. The trend line break was yet another indication of a change in trend. Hence  the technical parameters are pointing at strength in the counter and the stock can move up to the next Fibonacci confluence zone of 990-996 and then 1062-1076.

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