DAILY SWING CALL // Monday 03rd of May 2021 // NSE:MEGH
// This is a swing trade call and not an intra-day trade. Please do not expect the stock to go up on the same day of posting or within a few sessions. Please follow the notes along with the posting before, during and after entering the trade //
CMP / LTP: 141.15
TARGET: 163+ (15% Around)
STOP LOSS: 127...
Meghmani organics breakout on monthly chart. Very good fundamental stock for long term investors. Accumulation range on retest of the breakout area 120-130. SL below 100 on clb. Also very good volume can be seen recently.
This is follow-up on Meghmani Organics. Can check link to related ideas.
Target 1 achieved. More than 32%. Target 2 is ON.
Chart is self explanatory. Entry, Targets and Trailing Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only.
More upside can be seen till 111-115 . After that a cool off can happen towards 95-90 region. This is the region where one should buy stock with sl below 78 on daily closing basis for target of 150 and 220. I prefer pull back trade to center median line as stocks have assumed tendency to react back to median line.
Disc : it's not an investment advice to buy or sell
Meghmani in daily chart B point is retraced at 0.374 ( approx. 0.382 fib level) and C point is the extension of fib 1.272 ( 99.8) to fib 1.414 (107.4) level of XA leg.
D point is the retracement of XC leg .
So there is a reversal at D point( 50).
-> Fresh Breakout with good volumes.
-> Trading above all major moving averages. (MA based on Fibonacci)
-> Stong bull Candles with high volume in the past few sessions.
19 Aug 2020: Delivery 35%
SL should be around: 62-64.
Note: Take trade only if your Risk to reward is favorable.
As per the daily charts, it has formed a symmetrical triangle, so waiting for either a breakout or breakdown. Accordingly trade direction can then be taken.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.