BALAMINES - Weekly Chart Analysis, CMP-2337
We are seeing a decent base formation of 47weeks and 31% range. Structure is currently LL-LH and established trend is currently down. But we are seeing no follow through and nice volumes spurts indicating some kind off activity. On a monthly timeframe if you see that the stock is resting between 23-38% fib levels which is very good. Also if you look at the current month volumes it has already reached the volumes levels of past 2 months right in the very first week of current month. Which can be seen on weekly timeframe as well. Huge spikes indicates smart money footprints.
It would be very early to say that trend will change and it will start its journey on the upside. Unless we get any confirmation through price action we cannot comment on it. But it should be kept in the watchlist for the coming weeks. Once it breaks the down trend line and sustains above the current week high on good volumes we will have very first indication. Price is consolidating near the key moving averages too. which act as dynamic support.
So if it manages to close above 2432 which is the current week high and sustains then 2696-2885 will be the initial levels which will be tested. And if it manages to breakout with decent consolidation and then sustain above 2885 then the structure and trend will change and upper resistance and ATH levels can be tested 4515 - 5220 thereafter.
On the downside risk is on the higher side which is around 20% and this much move has to be given if we are trading on the high timeframe like weekly. So a weekly close below 1880 will negate our whole view.
Disclaimer: I am not SEBI registered analyst. Also, the view shared above is my personal analysis and not a buy or sell recommendation. It is shared for learning and educational purpose. If you intend to trade or invest in this counter that i would suggest you to do your due diligence and seek guidance from your financial advisor.
It would be very early to say that trend will change and it will start its journey on the upside. Unless we get any confirmation through price action we cannot comment on it. But it should be kept in the watchlist for the coming weeks. Once it breaks the down trend line and sustains above the current week high on good volumes we will have very first indication. Price is consolidating near the key moving averages too. which act as dynamic support.
So if it manages to close above 2432 which is the current week high and sustains then 2696-2885 will be the initial levels which will be tested. And if it manages to breakout with decent consolidation and then sustain above 2885 then the structure and trend will change and upper resistance and ATH levels can be tested 4515 - 5220 thereafter.
On the downside risk is on the higher side which is around 20% and this much move has to be given if we are trading on the high timeframe like weekly. So a weekly close below 1880 will negate our whole view.
Disclaimer: I am not SEBI registered analyst. Also, the view shared above is my personal analysis and not a buy or sell recommendation. It is shared for learning and educational purpose. If you intend to trade or invest in this counter that i would suggest you to do your due diligence and seek guidance from your financial advisor.