According to EWT:
5th wave has already traveled for more than 2.618% reverse Fibonacci retracement of wave 4. Now, bullish momentum can push it up to 136 at 3.618% .
Dwarikesh Sugar: Will it continue its momentum and give another +22% gain?
Post its breakout, the stock has consolidated well below Rs 100 range. This consolidation has been supported by excellent volumes too.
The past two week price action is indicative of likely strong up moves in the coming weeks ahead.
My expectation is that 119.80 should be most likely...
one of my fav picks from ethanol sector in small-cap stocks is Dwarikesh!
Have prospects for high upside, brilliant recent breakout!
Keep an eye and build position rationally!
Breakout done & Re-entry at 78-82 levels
RSI is extremely Bullish and at oversold zone. wait for cool off
Relative Strength is Positive and Strong
MACD is positive
Very Strong Closing Done Today ATH crossed.
Volumes are 12 times more than average volumes.
Clean Break Out given according to charts.
Previous High broken today after long consolidation.
Short Term Targets Initial Target : 110
Govt is thinking to increase the price of sugar as golbally the price is increasing. This will be positive for Mills and dwarikesh can rebound from 50EMA, this is a weekly or monthly target as RSI momentum is low.
Dwarikesh Sugar 4H TF Analysis
-Price was nicely moving in a Rising Channel and continuously taking support from 50 EMA(Pink Line)
-Broke Out of Rising Channel but take Support and trying to gain back its status
-Major Resistance @ 80, Trying 3rd Time Need Good volume to break it and sustain it
-Major Support @60
Two Possible Scanerios
- GreenLine Price...
Dwarikesh has recently broken out from a multi year downtrend (Descending Triangle) and broken through several important resistance levels with good volumes.
CMP: 42
Final Target: 80
SL: 28
Time Frame: 1 Year
Initial targets:
#1: 48
#2: 60
#3: 75
Stock has given a good monthly closing ~42
looks like a resistance
RSI is trending up
RS is trending up
looks good on monthly charts
next stop shall be 59.75/-
