Mazagon Dock Shipbuilders Ltd - Breakout Opportunity
Date: 23-Apr-2024
Rating: Buy - Positional Trade
LTP: Rs. 2,258.65
Targets: (1) Rs. 2,492 --> (2) Rs. 2,900
SL: Rs. 2,040
Technical View:
• After touching the high of 2,484.70 on 8-Sep-2023 during it's previous uptrend,
MAZDOCK
is moving in sideways since Sep-2023 between 2,492 and 1,742 levels as indicated by dark orange lines in above chart.
• On 3-Apr-2024,
MAZDOCK
has broke out from its secondary downtrend, indicated by dark red line within the sideways trend. Based on this break out 2,492 can be considered as the 1st target for current swing within the sideways movement.
• If
MAZDOCK
will be able to break the higher level of current sideways movement i.e. 2,492, then 2nd target of 2,900 will be very much possible which is Fib. 1.61 level.
• Breaking 2,492 level will actually create double break outs. (1) Break out from current sideways movement and (2) Break out from the double bottom pattern, which is currently in making as indicated by gray lines in above chart.
• RSI is at 61.52 and MACD is at 50.27. Both are in support of further upward journey.
• CAUTION: If
MAZDOCK
is not able to break 2,492 level then it will continue in sideways movement targeting 1,742 level. If it fails to break 2,492 level then long positional position should be exited.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.
Rating: Buy - Positional Trade
LTP: Rs. 2,258.65
Targets: (1) Rs. 2,492 --> (2) Rs. 2,900
SL: Rs. 2,040
Technical View:
• After touching the high of 2,484.70 on 8-Sep-2023 during it's previous uptrend,
MAZDOCK
is moving in sideways since Sep-2023 between 2,492 and 1,742 levels as indicated by dark orange lines in above chart. • On 3-Apr-2024,
MAZDOCK
has broke out from its secondary downtrend, indicated by dark red line within the sideways trend. Based on this break out 2,492 can be considered as the 1st target for current swing within the sideways movement. • If
MAZDOCK
will be able to break the higher level of current sideways movement i.e. 2,492, then 2nd target of 2,900 will be very much possible which is Fib. 1.61 level. • Breaking 2,492 level will actually create double break outs. (1) Break out from current sideways movement and (2) Break out from the double bottom pattern, which is currently in making as indicated by gray lines in above chart.
• RSI is at 61.52 and MACD is at 50.27. Both are in support of further upward journey.
• CAUTION: If
MAZDOCK
is not able to break 2,492 level then it will continue in sideways movement targeting 1,742 level. If it fails to break 2,492 level then long positional position should be exited. Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market.