Breaking out from can make the scrip surge till targets defined. Rest in charts.
Bullish momentum sign
1) - Price range is above SMA-15 and SMA-200 and SMA-15 is above-200 which gives strength to ongoing momentum.
2) ( ) - Above 100
3) BH>50% CH Candle. Thanks to Deishma for providing theory insights
BH is Body Height of the Candle and is the Absolute Difference between Close and Open of the Candle.
CH is Candle Height of the Candle and is the Absolute Difference between High and Low of the Candle.
Take its percentage relation.
If BH / CH % is greater than 50%, it’s a BH>50%CH Candle.
Aiming towards TP and beyond thereon after entry confirmation around 118
SL as per risk appetite
Results are speaking for themselves wherein the Small cap company has shown substantial progress and is reducing debt, too
Will the bulls manage to surpass the bears or will the scrip again be victimized by bears taking control ??
Should able to see the scrip crossing resistance core levels of 143 after company posting progressive results in Q3 2018
Will be entering again after corrections due to profit booking as the scrip had shown sudden surge..
My perspective would be to wait and watch and keep SL at 158 which however, depends upon your risk appetite. I think the scrip might enter consolidation phase or correct till CMP mentioned for SL. Would be oppurtunity to buy on dips and even buy further on dips to average down the price as I feel that the scrip will see limited downfall owing to its fundamentals
The company has posted good progressive results YoY basis. Stock P/E: 46.95 which deems the scrip to be overvalued which however shouldnt be much of concern when the scrip finds convintion amongst long term investors
I would be buying again on corrections as I had taken positional earlier and booked 100% with 38% gains. Would be aiming for 300+ as the scrip has potential to reach there and beyond :)
Stock picking strategy I usually follow is CAN SLIM approach and it works wonders :)
Thanks for the advise as I too would be adding more with dips and see what happens in consolidation phase. The volume spurt on 27th April was a good thing to note.. but may be it was results day that is why. Nevertheless, you have picked up a good scrip which indeed can be coined has INVESTMENT STOCK :). Thanks much!
PS: Other than this, could you please check the chart of Indiabulls Real Estate, Chembond Chemicals and GSS Infotech? I am unable to find much info for these scrips. Holding Indiabulls since 195 levels, GSS since 48 levels and Chembond since 335 levels. Can you see something special going on in these two charts? Read Indiabulls Real Estate is having Bullish wolfe wave pattern formed. Any thoughts? Thanks in advance.