AVANTIFEEDS forming a textbook Diamond pattern on weekly charts. Volumes rising gradually, targets come to be around 775 (Diamond top) and 975 (Diamond length and weekly resistance).
As you all traders can clearly see it has given breakout of trend line ( Which was respected since last one year i.e 27 august 2020 ). One year breakout is generally considered huge and best part is volumes are supporting this breakout. Just check the volumes on 12-05-2021 and 14-05-2021 , these are huge volumes showing more and more buyers are interested.
AVANTIFEED seems to be reversing from its long term 61.8 retracement zone. The stock has been hovering in the 38.2 and 61.8 zone for almost a year. Looks like a good buy here for eventual target of 750.
Avanti feed breakout might happen if it crosses the above trendline created from its two consecutive highs. MACD is finally positive after a long time indicating strength in the stock
Buy above when trendline breaks and daily candle closed above 587.
Target : 750
SL: 520
Disclaimer: This is educational purpose only.
Please share your thoughts in the comments section below.
Avanti feeds is fundamentally a sound company. The health score is excellent. We might be witnessing a BO anytime. It has tested the 585- 595 range yesterday. A temporary retracement is expected. HOLD if you have the patience.
LEVELS mentioned in chart.
Avanti feeds looking to breakout from long term trendline on weekly charts. Targets can be prior Highs. Good for positional medium term trade. (3 month to 1 year).
Zero debt company is now started moving higher high and higher low after a major pullback.
All levels are mentioned on the chart.
DISC: Consult your financial advisor before making any bet. For educational purposes only.
Live Challenging Market Analysis Buy AVANTIFEED @ 479.25
BUY Entry1 @ 479.25
Target @ 718.55
BUY Entry2 @ 321.50
Target 1 & 2 @ 718.55
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By Looking at formation of buying zone around Rs. 480 , AvantiFeed shows us +ve strength for long position. If it breaks above trend line , it might be shown some good momentum towards 508-510.
Note : This is my observation and not a buy recommendation. It might be helpful for your analysis for next day.
