Balrampur chini : breaking 52-week high (probability)

The scrip has seen strong price action (surge) today with increase in buying volume and about to break resistance (c) level, 52 week high
Ascending channel seen in formation
Declaration of good Q1fy18 result YoY
Comment: Scrip going on the right bullish path with two engulfing green candlestick henceforth, giving affirmation to high volume buying
Conversely, The MACD going above the signal line, which gives a bullish signal and suggests that the price of the asset is likely to experience upward momentum.
If there arent major corrections and the stock gains momentum in ascending channel, Would prefer to enter in range of 172-173 above resistance (C) levels for short target initally
Comment: Planning to short if the scrip takes bearish reversal owning to doji candlestick at targets defined in chart
What do you make of today's candle formation? Also, given the fact that the results are already priced in, and we saw that with the recent rally. But now it seems there are some pains ahead for the sugar Industry in the coming quarters.
amankavi mkithan
@mkithan, What do you make of today's candle formation? --> Can't say about the trend so soon as red candlestick has appeared in which body size is merely less than 50% of the previous engulfing candlestick henceforth, neither reversal nor bullish trend sign. To be on safe trading, Prefer to enter trade after some confirmation sign (maybe after two-three days or some candlestick formation which gives support to the preceding candlestick) Not the right time, atleast for me, to enter in haste manner.

But now it seems there are some pains ahead for the sugar Industry in the coming quarters. --> Relating to macro factors, There appears to be mixed news for the sugar industry which can impact the trend

You can point out the news which can be pain for the specific sector in coming quarters..can help others also entering the trade in similar sector
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