stock trading near weekly support and after a descent fall given some scope of rise in the last some hours of trading today !
with a stop loss @ 1090 095 range and keeping targets of 1147 , & 1170 , better stay long in the stock with a fair chance of
REVERSAL !
Stock Bounced from Triple Bottom.
Took Support & ready for next up move.
During Last 2 Days closed above 50% Fibo.
(From where stock started up move).
Near 100 EMA.
Immediate Targets Mentioned in Chart.
Above 835 Fast Move Towards 851/861/871.
Details Mentioned in Chart.
It has been observed on the Weekly chart that the price action breaks above the strong resistance zone of 830-35, which now indicating a new all time high and also shall further move up.
The company has been working well with strong growth, which also eligible for investing.
Target1: 855
Target2: 865
SL1: 830
Looking at weekly chart look like a clear 5 wave upmove and then corrective A and B complete .. since wave A was 5 wave and wave B( running flat ) looks like 3 wave.. i have a hypothesis that Pidilite is not in a new impulse rather it is still in corrective and may do atleast 600 or below..
Below is the weekly chart
https://invst.ly/409gn
Now, coming to ...
The stock has shown a classic double top pattern and a trendline break.
Previously there's a huge buying interest being shown in the stock, so be careful before shorting it straightaway, might prove to be a pullback.
I have drawn blue lines which are important levels according to me.
See how price reacts on reaching those levels and build positions ...
The stock has formed a nice Flag pattern and gave breakout today after 16 days of consolidation. I would trade it for a target of 705. Stop loss low of today on closing basis. Risk to Reward is only 1 but seems good probability of reaching target first.
