AARTIDRUGS has been correcting since Oct 2020 and the correction has been more than 69%.
Infact the rally on the stock was quite parabolic in nature which itself suggested that it was going to be short lived.
However, over the last couple of years, the stock has been forming a good base.
Have a look at the Weekly chart of the stock and you will notice that it is unable to form any significant new low below the 312 price level even after 3 attempts.
This suggests that there is good buying happening at these levels.
I strongly feel that it is building up for a long side breakout and we may possibly get to see levels of 550 this year which is a move of close to 31% from current price level.
SL would be a Weekly bearish close below 365 which makes it a 2.5R trade.
P.S. Not a recommendation. Please do your own due diligence.
Infact the rally on the stock was quite parabolic in nature which itself suggested that it was going to be short lived.
However, over the last couple of years, the stock has been forming a good base.
Have a look at the Weekly chart of the stock and you will notice that it is unable to form any significant new low below the 312 price level even after 3 attempts.
This suggests that there is good buying happening at these levels.
I strongly feel that it is building up for a long side breakout and we may possibly get to see levels of 550 this year which is a move of close to 31% from current price level.
SL would be a Weekly bearish close below 365 which makes it a 2.5R trade.
P.S. Not a recommendation. Please do your own due diligence.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.