Advance Enzymes has saw two types of breakout on daily chart. First breakout is from falling wedge (bullish) trend reversal pattern with huge volumes. Second breakout is from parallel channel (black line) but not supported by volumes. Both the reversal have happened on log scale which is used to gauge the long term trend reversal points. On weekly chart, 10 WEMA had crossed 20 WEMA on upside. FII holdings have increased in Q4 to 16% from 4 % in Q3. It means something something is cooking in the stock which made investors to accumulate stock in the down trend and that too with huge volumes. Higher top, higher bottom series is yet to be started on weekly chart which will be confirmed once stocks gets closed above 205 on weekly basis.
Buying should be done in stock once it gets close above 205 on weekly basis with stop loss below 165 for target of 270 (wedge pattern and fibonacci retracement). Long term investors should consider as there 1st pit stop and can continue to hold for longer term.
Buying should be done in stock once it gets close above 205 on weekly basis with stop loss below 165 for target of 270 (wedge pattern and fibonacci retracement). Long term investors should consider as there 1st pit stop and can continue to hold for longer term.
Order cancelled:
Stock didn't close above 202. Buy didn't initiate. Avoid call