Technical idea of the week - Sona BLW Precision Forgings Limited
Stock made a high of 840 and then a correction started till 400 levels, made a double bottom at 400 and then trying to make higher highs and higher lows after double bottom breakout. 600 seems like the first hurdle, breakout above 600 will also make inverse head and shoulder pattern. 540 is the immediate support zone, Potential to touch 650, 720 and 770 levels in next 1-2 years.
Stock made a high of 840 and then a correction started till 400 levels, made a double bottom at 400 and then trying to make higher highs and higher lows after double bottom breakout. 600 seems like the first hurdle, breakout above 600 will also make inverse head and shoulder pattern. 540 is the immediate support zone, Potential to touch 650, 720 and 770 levels in next 1-2 years.