AartiDrugs - Weekly Chart Analysis
Firstly the stock have retraced to 50% and broke the down trendline and marks the end of downtrend with either sideways or an uptrend. The new swing high is formed with gap away candle.
Now here, 2 possibilities can occur. Either it fills the gap and test previous resistance which shall act as a support this time (484-506). Once the stock test these levels and shows buying coming in you can enter here with an SL of close below this levels.
Or
The stock may consolidate here for sometime and continue upwards testing the near resistance again 615-628 and a close above these levels would take it to the next stop at 725-770 levels. The main supply zone is 770-930.
The stock is trading above all its key moving averages.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter do your own due diligence and trade at your own risk.
Now here, 2 possibilities can occur. Either it fills the gap and test previous resistance which shall act as a support this time (484-506). Once the stock test these levels and shows buying coming in you can enter here with an SL of close below this levels.
Or
The stock may consolidate here for sometime and continue upwards testing the near resistance again 615-628 and a close above these levels would take it to the next stop at 725-770 levels. The main supply zone is 770-930.
The stock is trading above all its key moving averages.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter do your own due diligence and trade at your own risk.
Comment:
SL hit last week.