Olectra target reduced to 2650 after 04th June Correction

Jul 11

The correction phase got extended due to 04th June collapse and hence now combining things the target is reduced to 2650 from earlier target of 3000.

It is trading in a channel which is visible on the chart and breakout above this channel can open the path to the said target.

For near term the target to clear is 2020 and sustaining above that LTH (2222) will be the next target, then followed by 2650.

Keep trailing the stop loss to the targets achieved or recent swing low can be the strategy.

* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.

Jul 18

Note

It has broken the support line and now might go till 1750 1 more time, if it gets support there then may be by a month it can start to move up, till then it seems range bound, important to hold 1750 on closing basis.

Jul 22

Note

Stock has become bearish for now. If it breaks below 1720 then it need to hold above 1650 on closing basis below that it might show bad fall.
Most likely for next 2-3 weeks it can remain range bound moves.

Jul 31

Note

As expected it is moving in a range and not showing any directional move. For 2-3 weeks more it should continue to consolidate but it need to hold the numbers mentioned on closing basis.

Aug 15

Note

As I mentioned on July 22, it remained range bound for 2-3 weeks, it went below 1550 and then came up to 1730 and now again down. Now it might start some up move in next 1-2 week if recent low 1550 was the bottom of the downfall.
Keep a watch from here it might show some good up move.... one must trade with proper stop loss and buy on dips can be the strategy.
Please take any trade with your own analysis. This is not a trade advise.