To the best of my sight, there's a clear downward trend since may this year, supported by head & shoulders.
Scrip's trading very close to MA 200 support levels.
If it crosses the support level, which seems possible, It could slide down to 485-489 levels.
However, If the coming quarter favors the company along with market's positive reaction thereto, Stock might...
When I told everyone to buy at 593, only a few listened and now they are having a laugh.
That's why I say only technical analysis, no hawabaazi.
Adding the link for my previous idea. Go and check it.
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NSE:GRAPHITE and NSE:HEG has given stellar returns since 23rd March 2020 till date. Journey still continues as they are as hot as Steel segment gets HOT !
And further will continue after a correction (when steel gets cold) due to Electric Vehicle battery component demand.
Note: This is for educational purpose only.
There seems to be a bullish breakout post accumulation. There are rise in volumes whenever price tried to move up. RSI at 68 indicates bullish momentum.
1. GRAPHITE INDIA is entering into old boundaries as it gives a close above a crucial long term resistance and stock has formed rounding bottom creating a good base.
2. B/O @483 with more than avg Vol plus closing above it is a green signal.
3. If it sustains abv 483,
G0 L0NG @480-490