Ride the Medplus Momentum: Short-Term Trade Alert
September 2, 2024
Medplus seems to have completed a triple correction and is on the rise.
It created a demand zone between Rs 595 and Rs 605 level.
The stock retested the demand zone for the second time in the last week of August, and as expected, buyers came and moved the stock up toward the Fib retracement 50% mark.
If Medplus holds the 50% level and volume comes in, we can see it moving up and hitting the 61.8% mark.
Breach of 61.8% level with good volume and momentum will propel the stock towards the 78.6% level. The next target level would be 100% of Fib retracement.
Those interested can enter the trade if the stock trades above the 50% level for at least 2 hours.
Exit the trade if the stock goes into downtrend and closes below the low of the candle formed on Aug 30, 2024.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Medplus seems to have completed a triple correction and is on the rise.
It created a demand zone between Rs 595 and Rs 605 level.
The stock retested the demand zone for the second time in the last week of August, and as expected, buyers came and moved the stock up toward the Fib retracement 50% mark.
If Medplus holds the 50% level and volume comes in, we can see it moving up and hitting the 61.8% mark.
Breach of 61.8% level with good volume and momentum will propel the stock towards the 78.6% level. The next target level would be 100% of Fib retracement.
Those interested can enter the trade if the stock trades above the 50% level for at least 2 hours.
Exit the trade if the stock goes into downtrend and closes below the low of the candle formed on Aug 30, 2024.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Note
Sep 3, 2024 -- As anticipated, after passing the 50% Fib level (Rs 685), Medplus crossed the Fib 61.8% (Rs. 701.90) to hit a high of 708.65 --- giving 3.36% returns in just 1 day.
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