Update on Bombay dyeing reco on 08.01.2012

As given on this blog  on  08.01.2012 https://chartideas.wordpress.com/2012/01/08/bombay-dyeing-chart-speak/ we expected 470 -508 as 1st tgt book some profits around this and again buy at lower levels will info once profit booking is over our tgt on this stock currently is 800-1000 if it not violates certin level


Going by the charts today it can be seen that it was falling when markets were falling till Aug 2011. But from then the trend changed and now its just stalling on every fall and current 320 is supporting every fall. The big support is at 280 and now the chart shows a big breakout is on the cards once it crosses 390 for shorter term and bigger breakout above 475 can take this stock back to 800-1200 levels in next 1 year. Lets wait for the breakout for happen.

3 Charts are given for your reference ,

1st Short term

2nd Long term

3rd Fibo Retracement Level