Retested support level, long standing trendline since March 2020 intact, Resistance line can be broken in few weeks.
Buy at 570 level for upside till 630 i.e. 10% in parallel channel.
Stoploss below latest mother candle on 25 Jan at 550 i.e. 5%
Risk Reward Ratio 2:1
Can hold for larger gains as well since Q3 performance was good but stock did not move much.
After long consolidation NEWGEN make a super breakout with good volume.. Possible target in short term 25-40% from current level with 10% SL... Size your position accordingly.
Newgen software is moving in a range for a long time, the box pattern break will give it a bull run. Volume of 7th Jan gave a sudden spike, keep an watch on closing above 645 (DCB)
Newgen soft is in a range of consolidation for last 5 months, a good breakout above 645 with volumes will give a long entry.
Relative strength is above 0 and we will wait for the value to come above 0.10 for more strength
RSI is bullish above 60 in daily time frame
This stock has been consolidated for two months long period in a very narrow range, recently it gave a fake breakdown and again bounced back towards resistance area, along with rsi positive breakout above 60, and macd positive crossover, if it breakouts resistance zone above 644.50 then it can make up move direction towards north, towards 750 range. after...
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
1. Today we'll discuss another company which is NEWGEN SOFTWARE
2. Today Date is 08-09-2021.
3. Currently stock is trading at 595.45 which is shown in candle chart.
4. There is short term target which is 595.45 to 656 which is shown in image above, which is approximately 10% gain. Stock is trading in range.
5. How much time it takes to reach...
