ASTERDM : Parralel chanel trading
ASTERDM has a strong resistance zone near 146 and price is now in a crucial zone.
Uptrand started with a Flag pattern formation and then turned out to be a parallel channel.
A breakdown of the channel rejected sharply and price pulled back into parralle channel zone again.
Now the price may move any side since being near the supply zone and near top of the parallel channel.
Since NIFTY has corrected itself last friday... NIFTY might open positive next week.
And in that case this scrip can give a breakout from the channel on upside.
Uptrand started with a Flag pattern formation and then turned out to be a parallel channel.
A breakdown of the channel rejected sharply and price pulled back into parralle channel zone again.
Now the price may move any side since being near the supply zone and near top of the parallel channel.
Since NIFTY has corrected itself last friday... NIFTY might open positive next week.
And in that case this scrip can give a breakout from the channel on upside.
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