As you can see after making recent lows of 250 levels stock is trading now on 375 levels which is almost a great 50% recovery from recent lows and now giving some signs of trend reversals by breaking falling resistance and a horizontal resistance too and giving a breakout too, apart of this I find some logics on this weekly chart sharing below.
# you can see that after hitting a all time highs 1100 levels in the year of 2018 stock's price reached to 120 levels which was almost a cut of 90% from all time highs, but before this lows price took a support nearby 250 levels many weeks but did not sustained so now the logic is stock is bouncing from the same 250 support levels recently.
# after the completion of 1100 to 120 levels price rebounded and took a resistance near 350 levels this 350 levels also acted a good support levels before making a lows of 250 levels recently and now stock giving a breakout after breaking that 350 levels too this time these levels acted as a resistance because price was trading below that support (an example of support and resistance).
# although I will not go to take a trade or investment in this stock because I still not happy by the fundamentals of company so take this idea as a identification of support and resistance or trend identification exercise, despite of this sharing targets and stop loss might come handy for a similar chart pattern, so 340 levels below weekly close will work as a stop loss target sharing by image below, In technical analysis we do not need to track fundamentals because the both way are very much different from each other technical and fundamental trading concepts, but sometimes we need to check about what are things going on in the company. TARGETS-:
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
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TODAY REACHED 419 FROM PUBLISHING PRICE OF 375 GAINED 10% SO FAR SO TAKE IT AS A STOP LOSS UPDATE WILL STOP WILL REVISE TO COST AND LEAV IT FREE
Trade closed: target reached
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TARGET ONE REACHED TODAY OF 430 FROM 375 GAINED 14% SO FAR.
STOP LOSS REVISED TO COST NOW.
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NOW PRICE SUSTAING IN NEW ZONES ABOVE RTESISTANCE DID A RETEST TOO AFTER THIS BREAKOUT, LOOKING FORWARD TO NEXT TARGETS
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TARGET TWO OF 478 ALSO COMPLETE FROM 375 GAINED 27% SO FAR, SEEMS A FRESH BREAKOUT TOO IF CLOSE ABOVE MENTION RESISTANCE IN THIS UPDATE. PERFECT REVERSAL TRADE IT WAS.
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Trailing stop loss update- Price reached to 519 from 375 gained 37% so far from then, so sharing support which earlier was resistance for trailing stop loss if close below i will exit long positions in it
Trade closed: target reached
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All target complete friends last target of 545 also achived today itself after update, form entry to third target gained 45%. Closing this idea completely price seems building fresh momentum will publish a new idea on it. Cheers friends
@CautiousChartist Thanks brother Suraj for your valuable support to my idea, best regards from my side
AMIT-RAJAN
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We can see target one today mates ✌️
AMIT-RAJAN
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Today's gives a super move near to target one ✌️❤️
deepakupreti100us
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All cylinders firing in carbon stocks, HEG , GRAPHITE, PHILIP CARBON ... seems cyclical cycle is favoring... cheers as usual - nip in the bud analysis
AMIT-RAJAN
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@deepakupreti100us yes right it is a peer action from graphite and heg, although setup of philip is good not dragged in recent time trading near about Ath, happy to know that you liked thanks ✌️❤️
AMIT-RAJAN
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@deepakupreti100us whatever i draw on chart it was right or not i don't know but you were very right brother about cyclical movement yesterday when i update target on this idea i took a look on all stocks you mentioned after reading your comment again and got that all are gained like 30-50% from then
AMIT-RAJAN
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@deepakupreti100us Thanks for sharing these type of deep knowledge next time it will work whenever you shared something 😎
deepakupreti100us
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@AMIT-RAJAN, Yes sector rotation is powerful analytic and cyclical stocks give these opportunities every now and then crude, cement, sugar, auto, chemicals, metals etc ...cheers to many more