nerdywasabi

Varroc Engineering Bullish Bias - Short Term Swing Trade

Long
NSE:VARROC   VARROC ENGINEERING
#VARROC

Possible swing trade opportunity

CMP - 436
Stop Loss 1 - 420
Stop Loss 2 - 405
Strict Stop Loss 3 - 375

Target 1 – 470 ( Next 5 to 7 days )
Target 2 – 524 ( 2 to 3 weeks )
Target 3 - 550 ( 3 to 5 weeks )

Reasons for my conviction -
1) No left side immediate resistance except a small gap which may get filled with the momentum in the stock
2) Moving in the channel
3) Respecting the 20 EMA
4) As per FIB series, the RR looks good in terms of upside potential. It's supporting the internal fib numbers. Refer to 0.5 & 0.618 fib support and todays close happened right at the fib series of 0.786
5) Had a breakout on May 21st with good volume . Did a retest in last 6 trading sessions and again a breakout today with almost the same level of deliveries as May 21st.
6) Today's close is above the VWAP of 429.9
7) Weekly chart also looks good.
8) If it respects the FIB series, I see potential targets as 470 & 524 & 550

Disclaimer -

- The view expressed here are my personal views. I am publishing this for my own records and what I see on charts.
- If you're referring to this, please consider this ONLY FOR educational & research purposes.
- Past performance is not a guarantee for future predictions
- Any decision you take, you need to take responsibility for the same. DO NOT consider this as an investment suggestion.
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- Do your own analysis and consult your financial advisor before investing.

TIA!

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