Dhanuka Agritech seems to be moving in a parallel channel .
After the downtrend, it has reached it's demand zone as per parallel channel where it is currently consolidating indicating accumulation.
For high probability setup a trader should always wait for price to give confirmatory signal then act.
Buy trade can be taken when uptrend is confirmed by dow theory. So, when price will go above it's previous high 791 we can initiate a buy trade with stoploss as previous swing low 704.
Target at top of the channel comes near 1070 making a very attractive R:R of 1:3
After the downtrend, it has reached it's demand zone as per parallel channel where it is currently consolidating indicating accumulation.
For high probability setup a trader should always wait for price to give confirmatory signal then act.
Buy trade can be taken when uptrend is confirmed by dow theory. So, when price will go above it's previous high 791 we can initiate a buy trade with stoploss as previous swing low 704.
Target at top of the channel comes near 1070 making a very attractive R:R of 1:3
Trade active:
Buy triggered at 792
Trade closed: stop reached