GNFC on monthly time frame gave a breakout of rounding bottom in Feb'22 and immediate next month it gave more than 50% upside momentum. Since then it has went into correction mode and is taking support now from last few months at the previous resistance / breakout level on monthly closing basis. Monthly candle so far is looking good and since Oct'22, it is probably first time price is trading above its previous month's high.
On Weekly time frame -
The stock is showing positive divergence with an anticipated falling channel breakout on weekly closing basis
On daily time frame
On daily time frame stock has already given a channel breakout here with some good volumes
On hourly time frame
On hourly time frame stock seems to have given a ascending triangle breakout and looking in good momentum currently
GNFC 580CE
580CE is trading above vwap & avwap levels and showing signs of some short covering, with highest OI placed at 600 it may be good idea to track this for a momentum trading.
No reco for buy and sell, this is just an education post
Comment
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GNFC rocked today, albeit the move / news was visible on the charts but it came late :)
Regards,
Vanathi