FINEORG TRADE IDEA - TOP DOWN APPROACH
Stock gave a significant move from covid (March 2023) lows and gave 281% returns till Sept 2022; after that correction phase started and it retraced 40-50% till feb-march 2023
Then it accumulated for almost 18-19 month in a fixed range with less volumes ; since last 2-4 weeks there are some volume spikes seen with coming out of accumulation range AND it made higher low formation since 3-4 weeks.
Last trading session there was about 9-10% move with above average volume ; clearly shows some buying interest -
The trade may set above 5350 on daily closing basis (After switching to daily chart) with possible SL 4600 and target near all time high 7100-7500.
Important things drawn on chart. Do your analysis and all suggestions are warmly welcomed by comments. Wish you all a HAPPY FIBONACCI DAY.
Then it accumulated for almost 18-19 month in a fixed range with less volumes ; since last 2-4 weeks there are some volume spikes seen with coming out of accumulation range AND it made higher low formation since 3-4 weeks.
Last trading session there was about 9-10% move with above average volume ; clearly shows some buying interest -
The trade may set above 5350 on daily closing basis (After switching to daily chart) with possible SL 4600 and target near all time high 7100-7500.
Important things drawn on chart. Do your analysis and all suggestions are warmly welcomed by comments. Wish you all a HAPPY FIBONACCI DAY.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.