Chart Idea on Solara
After a long consolidation and correction, the stock formed a double bottom pattern on the daily chart. A Double Bottom Pattern is a bullish trend reversal pattern and it signals the downtrend has possibly bottomed out, and the price is about to move higher. We have seen a strong bull run in the past few trading sessions.
Technical Analysis
Strong volume in the stock also indicates a fresh bull run in the stock in days to come. We will expect a major rebound in this stock in days to come. The momentum indicator RSI too supports our bullish view in this stock.
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Traders can buy around 1350 and add more around 1280 if comes. We will expect upside targets till 1500 and then to 1620 levels in days to come. Support and stop loss below 1180, a daily close below 1180 will negate our bullish view in the stock.
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| 12th November 2021
Update on Solara : Stock didn’t perform well as per expectation. After levels activation stop loss triggered. Kindly exit position. Will give fresh chart idea soon. |
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