Renuka Sugar.. good for swing trading!!
Hello 👋
* Stock is in uptrend
* On monthly chart its a bull flag pattern made
* Price is in downward channel since Apr 22.. now the upper channel is broken last week with huge volume.
* Good volumes since few months as it's a healthy buyer's participation.
* Latest govt policy related to hike in ethenol prices can be pushed to sugar industry to recover more..
* Previous high was 55 ..if stock sustain above it..then can be touched next pivots as 60 & 62..
* The bracket which drawn on chart is like a demand & supply zone... If stock sustain above it then can be gain positive momentum towards ATH.
Ultimately sugar industry all n all Fully depends upon govt obligation.. so be sure that you take minimum risk to protect your capital.
It's my view, plz DYOA. No buy or sell recommendation 🙏
Please boost my idea if you find it useful 😉
Thank you 😊
* Stock is in uptrend
* On monthly chart its a bull flag pattern made
* Price is in downward channel since Apr 22.. now the upper channel is broken last week with huge volume.
* Good volumes since few months as it's a healthy buyer's participation.
* Latest govt policy related to hike in ethenol prices can be pushed to sugar industry to recover more..
* Previous high was 55 ..if stock sustain above it..then can be touched next pivots as 60 & 62..
* The bracket which drawn on chart is like a demand & supply zone... If stock sustain above it then can be gain positive momentum towards ATH.
Ultimately sugar industry all n all Fully depends upon govt obligation.. so be sure that you take minimum risk to protect your capital.
It's my view, plz DYOA. No buy or sell recommendation 🙏
Please boost my idea if you find it useful 😉
Thank you 😊
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.