Bharat Bijlee (BBL) : Consolidating
Posted by JV on May 5, 2008
Bharat Bijlee (BBL) has been consolidating for last 3 weeks between narrow range of 2100 to 2200. Last three sessions were showing some uptrend with slight rise in price. It is making very interesting chart pattern for break out. However, it is not necessary that consolidation is always cause breakout towards upside. The direction of the break out is decided by the the quality of future news/result or circumstances.
BBL also shows two spikes in the chart where volume have jumped much greater than average daily trading with , which perhaps can be assigned to inside trading, as the results date is approaching near. MACD and RSI indicators also show clear and consistent upward trend, one can expect a good break up in the price with good jump in the price.
