Two Stocks at Multi Year Breakout? | CA Rachana Ranade

"resistance point number one almost there two almost there three here you can see it broke out it also retested and now what is is it doing it is actually testing its alltime high that it had done in 2014"

"so last month has it broken out out of it yes can we see a retest in this month yes but you'll say or but it is not clear but the month is not yet over we'll have to wait till the month closes and then we will be able to understand with conviction whether the stock is showing power or not"

"how does the stock behave post almost a 10 year you know consolidation phase post a 10 year breakout kind of a situation how is it behaving in this month because there could be two chances it could also say that uh this is it I'm tired and it could go down but the thing is that the sector is looking powerful and that is the reason why this stock will be really interesting to study"

"on the weekly chart you can see similar time similar thing has happened we could see some sort of time wise correction here it went up again it is seeing some sort of consolidation here but still above the resistance level and if you know these basics once a resistance now becomes a support"

"finally in 2024 it broke out of this zone we also saw a you know we always say this breakout retest this is the retest that you can see here and post that it has bounced"

"monthly here you can see this is the latest month that we are in this is the month of August but again will be interesting to watch how does the month close"

"on a weekly basis you can see here weekly again touch point one touch point two it has broken outside this but this week's closing was a shade below the resistance level"

"the week has closed pretty strongly you can see here it has closed very comfortably above this resistance line"

"in a monthly chart you'll see a similar pattern it was in a Range bound and then it broke out again you can see here the stock the entire sector was seeing some resistance breakout which is this candle"

"ONGC this is a monthly chart that I'm telling you it's in front of you you can see a 2014 the stock saw a resistance here again one more resistance it now if you see here the stock went down now what I've done I've also drawn one more resistance line now if you see here resistance point number one almost there two almost there three here you can see it broke out it also retested and now what is is it doing it is actually testing its alltime high that it had done in 2014 so you can see here this is again a monthly candle so last month has it broken out out of it yes can we see a retest in this month yes but you'll say or but it is not clear but the month is not yet over we'll have to wait till the month closes and then we will be able to understand with conviction whether the stock is showing power or not so what to do with with such stocks simple add it to the watch list try to study try to analyze how does the stock behave post almost a 10 year you know consolidation phase post a 10 year breakout kind of a situation how is it behaving in this month because there could be two chances it could also say that uh this is it I'm tired and it could go down but the thing is that the sector is looking powerful and that is the reason why this stock will be really interesting to study"

"if even check out the weekly chart for for ONGC I'm just zooming this a little bit if you see on the weekly chart you can see similar time similar thing has happened we could see some sort of time wise correction here it went up again it is seeing some sort of consolidation here but still above the resistance level and if you know these basics once a resistance now becomes a support"

"second stock is BPCL again I'm I'm doing the analysis on a monthly time frame now if you see here this is back somewhere in 2017 18 that this stock had seen a resistance here number one touch point number two touch point and finally in 2024 it broke out of this zone we also saw a you know we always say this breakout retest this is the retest that you can see here and post that it has bounced monthly here you can see this is the latest month that we are in this is the month of August but again will be interesting to watch how does the month close"

"on a weekly basis you can see here weekly again touch point one touch point two it has broken outside this but this week's closing was a shade below the resistance level"

"the entire oil and gas index has been in a sideways trend... the overall you know price movement in that specific sector oil and gas broke out and after that you can see here around 2024 beginning we were seeing a consolidation in that specific sector then we could see a breakout but still it was the sectoral movement was actually sustaining about above the breakout level it's still sustained about that and right now you can see this week end so basically friday closing I'm doing this as a shoot and release so we are shooting this video today only we are releasing it today only right so here you can see that the week has closed week is not week week this entire week has closed pretty strongly you can see here it has closed very comfortably above this resistance line"

"this is a monthly chart now so again in a monthly chart you'll see a similar pattern it was in a Range bound and then it broke out again you can see here the stock the entire sector was seeing some resistance breakout which is this candle this is a previous month's candle okay so this is July candle it it'll be really interesting to watch where does the August candle close so this could be like a breakout followed by a confirmation candle but is it yet complete answer is no it is yet to complete"

"if the Nifty were to go up some sectors should support it sectors will take the index higher but if the sector were to go up then some stocks should support it to go higher right so what I thought is I should do a technical analysis on few stocks as an example in the oil and gas space but while doing the analysis I thought that why not go ahead with stocks which are showing me multi-year breakouts"

"out of all these sectors I thought I mean we came to a conclusion that oil and gas looks to be a little bit more powerful as compared to other sectors this could lead the rally for Nifty"