On monthly basis, price has made a significant correction and is currently at the Fibonacci level of 0.618, which is the "Golden Ratio" for a price. The whole area from 2000 to 2150 is a huge demand zone for the buyers to accumulate in bits. The price will confirm it's change of structure above 2800 on a higher timeframe.
Alkyl Amines has respected its support line and should therefore, hold these levels and maybe even give an up-move. If you have fundamental coverage on this stock or were planning to buy it, it can be a great zone to buy into this company.
I am sharing my trendlines in this chart so that you can take informed decision accordingly. Alkyl is one of the 2 main listed amines company in India. The company is fundamentally very sound, however, I feel a sharp rise in stock price has lead to a sharper correction in this counter. The whole chemical pack is under pressure currently.
ALKYL AMINES:
Few key points to note:
- A Bullish WOLFE WAVE has been formed
- Waves counting are mentioned
- Tested the Gann Level of Prior Trend
- Recently tested 200 EMA
- RSI Exaggerated Divergence
I expect a bounce from this point for 3578-3630-3849, but we don’t have any reversal signal yet. Once a bullish candle is formed at this level, we can long...
ALKYLAMINES short term investment
Monthly - Weekly-Daily demand zone
Short term investment idea - Holding period 2-3 months
Entry at CMP 3422, 3375 & 3330
SL below 3250 CLBS
Target T1:3610 & T2:3920
Note(*): Please note that we are not a SEBI Registered Investor Adviser/PMS/Broking House. All the contents over here are for educational purposes only and...
Alkyl Amines looks likely to bounce from these levels as it takes support. Balaji Amines has shot up after a correction, while Alkyl has not seen a correction as severe as Balaji on the price front, Alkyl has given a good consolidation in this range. Looks good for buying and holding.
Alkyl Amines always takes support near 50 DMA and moves up. Present reversal is near 50 DMA. Can buy some at this level and more if it comes close to 50 DMA. This is analysis only based on simple trend and not recommendation.
I believe since the RSI broke out , the price will follow the same. It has been a good consolidation.
I suspect the breakout here will be explosive but in these volatile markets lets see if it does.
Be cautious of a breakdown by chance.
Keep a strict stop loss as per your risk appetite.
