Is Bluedart Gearing Up for a Breakout? A Technical PerspectiveA good consolidation in there in the stock and on the monthly chart the stock has reconfirmed the support zone.
Major buying in happening there around 5500-5670 zone.
Weekly charts are showing consolidation phase around the very closing level as the price is trading between the various Moving averages.
A buying opportunity around 6200 levels can be initiated with a proper SL.
Technical Indicators:-
1. Stochastic : The weekly charts are trading around the oversold zone and on monthly charts its showing some lower levels coming on the charts.
2. Relative Strenght Indicator : On the monthly charts the stock has formed a bearish divergence and can be purchased once a 'W' formation is there in the RSI or price chart.
The stock has respected the support level since August 2021, a bearish trade can only be initiated once the major support level of 5500 is taken out. Avoid shorting till these levels.
Blue dart owning the logistic market can benefit from the E-commerce growth.
Long term buying opportunity can be seen in the stock with a potential returns of around 33-35% with a risk of 12-13% in coming years.
Watch the price action and enter only when the setup/pattern is formed on the charts.
