Morning Star
Coforge-A perfect watchlist stock!Coforge is an IT services company providing end-to-end software solutions and services and is among the top-20 Indian software exporters according to Screener data. Stock has give 20% compounded sales growth in last 5 years which is quite remarkable.
Hence, It can be a good stock to be kept in watchlist for medium to long term.
Stock had given breakout of cup and handle pattern in weekly time frame and is now retesting the same.
Stock has formed a kind of morning star pattern at the retest support zone. Need to watch if it sustains above this zone.
As you can see, retest zone also coincides with 50% fib retracement which makes it even stronger.
If we see good buying in this stock from here, we can see ATH levels soon and even bigger levels in coming years.
However, If stock goes below 61.8% retracement, it is not advisable to hold.
HINDOILEXP - Triangle Breakout A short triangle pattern has been forming since October 2024, and today it broke out decisively with a strong bullish engulfing candle on the daily timeframe. Additionally, a morning star candlestick pattern is evident on the weekly timeframe, reinforcing the bullish outlook.
GAEL - Price near Major Support lineThe price has been consolidating since 2022 and is currently trading near a key support level around the 110 range. Previous pullbacks near this support level, as indicated by the green arrows, have shown significant reversals. Currently, a morning star candlestick pattern is forming near the support zone, suggesting potential bullish momentum. However, confirmation of the pullback will require waiting until this weekend's close.
GSFC - Trendline breakout and Good Morning star candle formationThe price has been consolidating since March 2024, respecting the 188 range on the daily timeframe. Last week, it broke out of the trendline within the wedge. On the weekly timeframe, the candlestick formation resembles a morning star, which is a positive signal. We can expect the price to reach the resistance line of the wedge, around 288 INR. This setup is suitable for swing trading.
BALMLAWRIE - Wedge formation and Morning starThe price has been consolidating since January 2024, forming a wedge pattern. Recently, a morning star candlestick formation has appeared, which could be considered as a potential signal. However, it might be better to wait for a trendline breakout for additional confirmation.
CREDITACC- Price at support line forming Morning StarThe 850 range has been a significant support level for this stock since 2020. After a decline from its all-time high of 1750 to the 850 range, the price is now forming a Morning Star pattern on the weekly timeframe. An entry opportunity is available only on Friday if the green candle formation is good without long wick, with a stop-loss placed below the hammer candle.
VERANDA - Breakout and RetestPrice breakout triangle and came back inside the triangle and it formed hammer like candle now (Weekly Timeframe). We should consider entering a trade only if a strong green candle forms in the next session. On the daily timeframe, it appears to be forming a morning star-like structure.
Morning Star at several Fib clusters in HINDPETRO Wave C of Flat correction has fulfilled the rule of equality (Wave A and Wave C are equal).
There is also a Fib level of fib retracement of the previous impulse at this level.
We can also see the Morning Star pattern forming at this cluster.
This suggests a high probability of a buy trade in HINDPETRO .
Stop-loss for this trade can be put below 61.8%, i.e., around 360 level.
This analysis is for educational purposes only.
PROTEAN - Bullish Flag, Morning Star, Fibonacci Retracement 38.2In the chart of "PROTEAN," a Bullish Flag pattern has emerged, suggesting a potential continuation of its upward trend. The pattern is characterized by a sharp upward move (pole) followed by a consolidation period (flag), forming a rectangular shape on the chart.
The entry point for this pattern is identified above 1466, indicating a breakout from the consolidation phase. A stop-loss is set below 1410 to manage risk in case of a reversal.
The target for this trade is set at 2000, aligning with the typical measure rule applied to Bullish Flag patterns, which measures the length of the initial pole added to the breakout point.
Further reinforcing the bullish outlook, additional technical signals have been observed:
A cluster of patterns, including a morning star candle formation on the hourly timeframe, signaling potential reversal or continuation of the uptrend.
The prior pole trend exhibited a 45-degree angle, indicating strong momentum and trend direction.
Fibonacci retracement level of 38.2% also supports the bullish bias, suggesting a healthy pullback within the context of an uptrend.
Combining these bullish indicators—chart pattern, candlestick formation, trend angle, and Fibonacci retracement—provides a comprehensive technical analysis supporting a favorable risk-reward setup for trading "PROTEAN."
Devyani-A risky support bounce trade!Devyani is looking a good candidate for support bounce
Logic:-Stock is trading in channel. The price action is impressive but a confirmation is not still visible.
The stock has delivered poor results and is available at PE multiple of 138x.
Only risky traders should be interested in this.
Mahindra & Mahindra - Bullish Head and Shoulder Chart PatternMahindra & Mahindra has formed a bullish head and shoulder pattern along with rounding pattern, but the concern is that bullish pattern should formed in downside or downtrend.
But here pattern formed in uptrend.
Point to be noted that head is formed with morning star candlestick pattern.
Entry on closing basis above 2000
SL below 1890
Target 2200
RRR 1:2
Confidence Level is moderate but not high