Castrol Limited | Ascending Triangle pattern on Weekly Chart
Castrol Limited
About Company:- Castrol is an MNC Company. It is the world’s leading manufacturer, distributor, and marketer of premium lubricating oils, greases, and related services to automobiles and other industries.
Financial Data:-
Market Cap(Cr) 13951.57 Promoter Holding 51.00%
Face Value (Rs) 5 Pledge 0.00 %
Dividend % 110 FII Holding 11.63%
52 H/L (Rs.) 144.50/104 DII Holding 19.76%
Book Value (Rs.) 14.30 Others 17.61%
Castrol Chart Analysis
Castrol Limited Breakout of the Ascending Triangle pattern on Weekly Chart
Technical Analysis of the Chart:-
For more than one year Castrol is not able to cross the resistance level of the Rs. 140/-. In the above chart, it touches this level 5 times. This time i.e last week it can close above that level along with good volume (Highest volume after Jan 2020). It also making new higher low i.e not break the previous low. The first low is 88.75, the Second higher low is 104.30 and the last low is 117.70. As per my analysis in short term, it will touch Rs. 160/- in the next few trading sessions.
For Knowledge purpose:-
Meaning of the Ascending pattern: – It is also known as a continuation pattern. In this pattern resistance line is in horizontal shape & the support line is in slope up shape. In simple words, the share price cannot cross one particular price level due to the same resistance line in a horizontal shape. But on the other hand, the share is making new lower high every time. Due to the higher low every time support line shape is in the slope up shape.
The above analysis is for educational purposes, with no recommendation.
Article By Mr. Ajay Arora
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