Oasmia, the reversal
Oasmia Pharmaceutical has broken out of the downtrend with a daily close of 16.30% above and a weekly close of 3.75% above the parallel downtrend channel with high volume to support a potential reversal in Oasmia.
Since then it has gone on to form a Cup & Handle pattern both on the daily and weekly chart. (though without high volume on the bottom of the cup)
Things to be aware of:
Handle to keep above weekly 9-EMA (Price; 5.70) and with low volume
Breakout of handle at 6.75 with volume
Breakout of the high of cup at 7.92 with volume
If these criterias are fullfilled we could potentially see Oasmia on the way to the old ATH where potential resistance might greet us.
Happy trading
Since then it has gone on to form a Cup & Handle pattern both on the daily and weekly chart. (though without high volume on the bottom of the cup)
Things to be aware of:
Handle to keep above weekly 9-EMA (Price; 5.70) and with low volume
Breakout of handle at 6.75 with volume
Breakout of the high of cup at 7.92 with volume
If these criterias are fullfilled we could potentially see Oasmia on the way to the old ATH where potential resistance might greet us.
Happy trading
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