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).
Observations -> 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.
NSE:MEGH All poised for targets 55.5, 59.7 and 64.9. W - Gartley confirmation
Buy MEGH at CMP (52+) and on dips upto 47 T1: 66.50 T2: 81.00 T3: 98.00 T4: 120 SL: 39
Long with a stoploss of 60 on closing basis. Targets marked with black lines
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.
As per the weekly charts the stock is moving within the channel, so no trade as per weekly charts. 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.
MEGHMANI is now "CONSOLIDATING" in "FLAG PATTERN" with huge volume . Better to buy above 115