Multi Year Breakout Stocks Price Action Analysis I Part 2 | CA Rachana Ranade

"it was in January 2024 that on a monthly time frame this was this entire long-term you know resistance was broken now when did this start this was August 2015 Kaline so this is almost like a 9-year breakout that we have seen"

"as I shoot the video the uh February candle is yet to be closed and after this closes if Above This high above this close that is if it closes above 6521 then I can say that yes the confirmation has been received"

"here in the daily time frame you can see something really interesting if you have done my course on technical analysis you will understand that there is something known as a gap Theory and here year you can see somewhere around 17th Jan after which the stock rose on 18th of Jan to the tune of 28% that was like the results impact but if you see here there is a big gap that was formed right here this is almost like what almost a 10% Gap and typically as per Gap Theory these gaps are filled again I'm not saying that it means that 100% the stock will come down here as per Gap Theory there is a great chance that it may be filled up here"

"the original High the previous high that we had seen for this stock was around January 2015 and this high was was challenged in December 2023 but now we have to understand is this like a big multi-year breakout yes after 15 it is direct 2023 so almost more than 8 years breakout is what we have seen"

"plus you can see of course I'm checking it on the BC for Bank of veroda here you can see we can see a very nice cup and handle uh formation pattern being formed here"

"here this was a high somewhere around 19 okay was a consolidation uh kind of a consolidation here then from that it was in a sideways Trend pretty much after that again it challenged here in 2022 back here again it challenge here in 23 July again October 23 and here once it actually broke above of that level now I'm going to zoom in after it broke that level it saw some sort of consolidation here again took nice support and from here it is now moving in an upward Direction"

"Dow Theory analysis here you can see this is like high low higher high similar low not exactly a higher low but again a higher high a higher low for sure and again a higher high and let's see where the low is so all in all is the uptrend for Bank of Baroda intact yes"

"this was the high that this stock had made in January 2008 okay even today it is way below that level but you can see I've just connected the highs this was the high around Jan 8 this was the high around Jan 10 after that I will look at this this is like August 21 May 21 sorry and this is the first time somewhere around Jan 24th that this was challenged and this is the candle for February that it has actually moved above this trend line This is a falling trend line but still at least this uh whole theme of lower highs seems to be challenged here for the very first time"

"now if I go to a weekly time frame so on a weekly time frame I've just drawn few few lines again so just to save on some time okay now if you see here this was a high a low a lower high lower low now if I were to focus only on this channel okay if you see here the stock was again in this similar Trend or similar Zone in in a similar Channel where it was continuously forming a like a high a low a lower high a lower low and here this was the first time that the previous High got challenged it went up also formed a high higher low so here you can imagine this is like a higher high this is like a higher low now it has been moving again in an upward Direction"

"so here you can see this is like an open is equal to high candle now these are like powerful bearish candles where open and high are same and then ultimately it is closing downwards right now you can see immediately after this the green candle has almost given it a tough fight I will not say that it has engulfed it properly but it gave it a tough fight and ultimately the stock started moving up then you could see not only three but five black crows or five black soldiers what we say and ideally it should have continued in the downward trajectory but after back to back almost five red candles we saw a bullish engulfing here and again the stock started moving in the upward trajectory"

"on a monthly time frame this was this entire long-term you know resistance was broken now when did this start this was August 2015 Kaline so this is almost like a 9-year breakout that we have seen"

"now here in the daily time frame you can see something really interesting if you have done my course on technical analysis you will understand that there is something known as a gap Theory and here year you can see somewhere around 17th Jan after which the stock rose on 18th of Jan to the tune of 28% that was like the results impact but if you see here there is a big gap that was formed right here this is almost like what almost a 10% Gap and typically as per Gap Theory these gaps are filled"

"The original High the previous high that we had seen for this stock was around January 2015 and this high was was challenged in December 2023 but now we have to understand is this like a big multi-year breakout yes after 15 it is direct 2023 so almost more than 8 years breakout is what we have seen"

"this was the high that this stock had made in January 2008 okay even today it is way below that level but you can see I've just connected the highs this was the high around Jan 8 this was the high around Jan 10 after that I will look at this this is like August 21 May 21 sorry and this is the first time somewhere around Jan 24th that this was challenged and this is the candle for February that it has actually moved above this trend line This is a falling trend line but still at least this whole theme of lower highs seems to be challenged here for the very first time"

"now here I'll tell you one or two important points okay where even some candles analysis of only candles can also help us analyze the charts in a better way so here you can see this is like an open is equal to high candle now these are like powerful bearish candles where open and high are same and then ultimately it is closing downwards right now you can see immediately after this the green candle has almost given it a tough fight I will not say that it has engulfed it properly but it gave it a tough fight and ultimately the stock started moving up"

"then you could see not only three but five black crows or five black soldiers what we say and ideally it should have continued in the downward trajectory but after back to back almost five red candles we saw a bullish engulfing here and again the stock started moving in the upward trajectory"