UPL : Merger & Buyback News Play
Updated
The stock has taken a support form crucial level due to news for "MERGER and BUYBACK".
Support Level : After the retrenchment and channel breakdown, price recovered from fib level of 0.618 & EMA 100 and close above trendline with bullish candle.
If news momentum continue, probability of 20-25% upside are high quiet in such volatile market.
If support broken in weekly basis i.e. Rs 635, we can go short for 8-10% target.
Points considered in analysis are Parallel Channel Support & Resistance , Fib Retrenchment , Candle Behaviour and Moving Average.
Thanks
Disclaimer : Consult your financial advisor for invest and trading advise and follow proper risk management.
Support Level : After the retrenchment and channel breakdown, price recovered from fib level of 0.618 & EMA 100 and close above trendline with bullish candle.
If news momentum continue, probability of 20-25% upside are high quiet in such volatile market.
If support broken in weekly basis i.e. Rs 635, we can go short for 8-10% target.
Points considered in analysis are Parallel Channel Support & Resistance , Fib Retrenchment , Candle Behaviour and Moving Average.
Thanks
Disclaimer : Consult your financial advisor for invest and trading advise and follow proper risk management.
Note
Chemical sector are generating a thrust, keep a watch on stock.
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.