The correction in HIKAL LTD seems to be done, the wave counting has been mentioned in the chart. Currently the stock is trying to a time wise correction and has consolidated for a time being try to form a rounded bottom structure and taking support on a curve during the correction phase.
Interestingly HIKAL LTD has a trading cycle of forming a low in every 88...
Stock Name - Hikal Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 393
#This is not Buy and Sell recommendation to any one. This is for education purpose...
Stock is in Daily Demand zone. good to accumulate at 349 to 348 for short to long term investment
SL for long term is weekly close below 320.
Also swing trades setup is shared too. a strong close above weekly high will take the stock to 425 / 437.
Swing tgts are 399 / 410/ 425 / 437.
Long term tgts are 425 / 455 / 480 / 530 / 575 / ------> 660
Observations on the Chart.
The Channel it was trading has been subjected to breakout from. It will retest the upper channel trend line and then there's no stopping it before targets of 400!
All predictions are merely educational and not a trading advice whatsoever
Schiff pitchfork median line testing
Weekly support S1 marks the short term downside limit
Bullish Reciprocal ABCD has completed formation
Upside to be effected from the bullish RABCD and the ML to ML swing in the pitchfork...
Upside to be halted in pivot region where there can be further volatility and is considered as a safe take profit zone, and then upside...