For those who are wanting to know what would happen to many other counters that had up-trends but pulled back, please go through the following:
MASK Weekly Chart
If you look closely at the chart below, I have highlighted a PIN BAR of which the tip of the upper end is 13/50. Then I have pointed out the upper ends of the tips of the last 2 candles. It shows that the price went up above the said 13/50, but did not close. Therefore the following 3 factors must be fulfilled for the stock to move higher.
1). Volumes must increase.
2). No. of Trades should go up and,
3). Price must breakout of 13/50.
This is exactly what happened to KAPI. The Volumes increased yesterday, and the number of trades also went up. Finally the price just broke out of the resistance forcefully with volumes and trades today.
If this scenario is not going to be seen in MASK, there won't be higher highs.
Lack of Trades and volumes at the present levels suggest that force full selling that can bring the prices down sharply cannot be seen in this counter at present. We also see a double bottom at 12/50, but with lower volumes, which is somewhat positive. As this is the day 3 of the consolidation phase, we need to expect the good and the bad to come forth until the above factors are met, and a break out takes place.
BALA Weekly Chart
In the case of BALA the resistance is at 17/00. As you can see in the chart this 17/00 rupee mark had been a strong make or break (Pivot) point. Just like in MASK the factors mentioned must be met for BALA to move higher.
ELPL Weekly Chart
22/90 is a major resistance here. Need to Breakout of that to expect new highs. Here again the above mentioned factors will have to be met.
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