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INDOBORAX

IndoBorax - Fibonacci Targets in sight after Breakout - DailyIndo Borax & Chemical Ltd. has recently broken out cleanly from a descending trendline. The Fibonacci retracement levels provide clear targets for the upcoming price action, making this an interesting setup. Technical Analysis: Descending Trendline Breakout: The stock has decisively broken out from a descending trendline, indicating a shift in momentum from bearish to bullish. Fibonacci Retracement Levels: The Fibonacci retracement levels drawn from the recent high to the low indicate potential resistance and support levels. Key observations include: Support at Fib 1: The price took support at the 1.0 Fibonacci level (₹171.10) post-breakout and bounced off strongly. Resistance at 2.618: The stock faced resistance at the 2.618 Fibonacci level (₹213.59) but has since taken support at the 1.618 level (₹187.33). Potential Target Levels: A daily close above ₹213.59 opens up the 3.618 level (₹239.86), with the previous high acting as another target at ₹232.21. Volume Analysis: The breakout was accompanied by a significant increase in volume. The Volume has spiked again today. Key Levels to Watch: Support: ₹171.10 (1.0 Fibonacci level) and ₹187.33 (1.618 Fibonacci level). Resistance: ₹213.59 (2.618 Fibonacci level) and ₹232.21 (previous high). Bullish Divergence on Weekly On the Weekly chart, you will also notice that there has been a Bullish Divergence where the price made a Lower Low, while RSI made a Higher Low, shortly before the Breakout. The RSI seems to be on an upward trajectory since, as you can see in the chart below. Let me know your thoughts in the comments. Please do Boost and Follow for more analyses! Disclaimer: This analysis is for educational purposes and should not be considered financial advice.
NSE:INDOBORAXLong
by gurinder1988
Indo Borax & Chemicals Ltd | A Momentum StockIndo Borax & Chemicals Ltd | A Momentum Stock was incorporated in the year 1980 in Asangaon and its first Boric Acid plant was established in the year 1981, followed by the establishment of a Borax plant in 1983. Fundamentals: excellent Market Cap =₹ 604 Cr. ROCE = 28.7 % ROE = 21.0 % Debt to equity =0.0 Promoter holding =52.1 % Quick ratio =10.7 Current ratio=13.7 Piotroski score =9.0 Profit Var 3Yrs =44.1% Sales growth 3Years =25.0% Return on assets = 19.6 % I shared my personal view so just take it as educational purpose and learn how to invest in momentum stocks and grow fast. nugget ; it takes time but big money earn with boring way. If you find some value for this idea than like boost and follow me for more ideas.
NSE:INDOBORAXLong
by Momentuminvesting5540