DHANUKA - Weekly Chart Analysis
After having a ~42% downtrend which started from July 2022 the stock have broken the trend line and mark the end of the down trend. Which means the stock can either go sideways or into an uptrend.
After breaking out of the base it went into a 12 week consolidation in ~14%range it has finally broken out. Volume support is seen too.
On a monthly timeframe it has retraced up to 38.2% zone and showing a reversal which is good sign.
Now 760-798 zone shall act as a good support. An ideal stoploss should be placed on weekly closing basis below 745 level.
It is trading above all its key moving averages.
Initial target would be the supply zones up ahead (903-930) and there after 960, 1019 and all time high 1053.
As per the trend based fib if everything went well a long term target of 1384 can also be tested.
Remember it's a long term target ie. 2-3years.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
After breaking out of the base it went into a 12 week consolidation in ~14%range it has finally broken out. Volume support is seen too.
On a monthly timeframe it has retraced up to 38.2% zone and showing a reversal which is good sign.
Now 760-798 zone shall act as a good support. An ideal stoploss should be placed on weekly closing basis below 745 level.
It is trading above all its key moving averages.
Initial target would be the supply zones up ahead (903-930) and there after 960, 1019 and all time high 1053.
As per the trend based fib if everything went well a long term target of 1384 can also be tested.
Remember it's a long term target ie. 2-3years.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Disclaimer
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