DEN NETWORKS LTDThis company is fundamentally not so annoying, the financial performance is above industrial median. Currently it seems to be really interesting at this point of time on Weekly TF.There are some key points we need to watch:
1. There was a Bearish Wolfe Wave that started forming in early 2016. And the 5th wave of the same was completed in covid pandemic. After the formation was completed the stock soared up to complete the pattern.
2. The stock completed the expected target and then started coming down from July 2020 Onwards.
3. After the stock started coming down(Wave B) it has finally found a support at 0.786 Level of (5-A) Wave ie.44.65
4. The volume is Alarming since May 2021. Such high volumes were never seen in its entire life-time.This is an indication of Changing hands and a starting of Wave 3 or C
Here it has very good chances of gifting us with an upside reversal for Wave C.The trade setup for it will be a BUY with an SL of 44.50 on Weekly Closing basis.The risk reward ratio at Current Market point seems really good if we look at the expected targets of (65.80 - 78.30).However this a weekly TF chart, Patience is needed to see the targets achieved. And never forget SL,after all markets can be risky at any point of time.
CHART & ANALYSIS BY - ADARSH DEY
