I already held a position equivalent to about 0.625% of my net capital, which I entered a few months ago during a period of price consolidation. I had been awaiting either a double bottom formation or the formation of a parallel channel before considering adding to this position. Now, with the emergence of a parallel channel formation, I decided to add another 0.625% of my net capital, bringing the total holding in the stock to approximately 1.25% of my net capital.
Based on the current average price levels, there appears to be a potential move of about 81% to reach the all-time high. However, I may opt to close the position once the price reaches the upper trendline of the current parallel channel formation, reassessing the macro and microeconomic conditions before making that decision. This move is of about 19% from the current average price level.
But if price crashes further, I'll consider adding on to the position if and only if there is a clear accumulation formation, just like the one formed as of now and also after evaluating the fundamentals when such a price action happens.
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Based on the current average price levels, there appears to be a potential move of about 81% to reach the all-time high. However, I may opt to close the position once the price reaches the upper trendline of the current parallel channel formation, reassessing the macro and microeconomic conditions before making that decision. This move is of about 19% from the current average price level.
But if price crashes further, I'll consider adding on to the position if and only if there is a clear accumulation formation, just like the one formed as of now and also after evaluating the fundamentals when such a price action happens.
📢📢📢
If my perspective changes or if I gather additional fundamental data that influences my views, I will provide updates accordingly.
Thank you for following along with this journey, and I remain committed to sharing insights and updates as my trading strategy evolves. As always, please feel free to reach out with any questions or comments.
Other posts related to this particular position and scrip, if any, will be attached underneath. Do check those out too.
Disclaimer: The analysis shared here is for informational purposes only and should not be considered as financial advice. Trading in all markets carries inherent risks, and past performance is not indicative of future results. It's essential to conduct your own research and assess your risk tolerance before making any investment decisions. The views expressed in this analysis are solely mine. It's important to note that I am not a SEBI registered analyst, so the analysis provided does not constitute formal investment advice under SEBI regulations.
