Praj Industries, weakly time frame it's a good multi months breakout.
Fundamentally strong company which is having great admiration for ethanol production. You can consider this for a long-term idea 💡.
Breakout and re-test in Praj Industries
It should take support on the previous breakout trendline and revert
Wait for reversal candle . . .
Disclaimer: Pls invest at your own risk.
Praj industries had been consolidating within a range for a long time and there seems to be a breakout. But we need to wait for confirmation.
Points in favor of the upside move:
W pattern formed and neckline broken.
Breakout from range with a gap-up candle (full bullish candle)
How should we move ahead?
We need to wait for few days and see the price action to...
This is Weekly timeframe.
After covid crash, this stock have rallied multifold times.
Yes, there are a lot fundamental triggers.
From June 2021 it went sideways, in consolidation phase.
It didn't went far from 0.23 fibo level. If sustained near it and consolidated.
The correction is not more than 30% from top.
These are strength indicators here.
Now for last...
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...
FUNDAMENTAL ANALYSIS-
company's working sector -
company's working model is based on green environment promoting technology. ethanol blending, biofuel, bioenergy , praj HI-purity systems , water and waste water treatment ,brewery plants and equipment's and R&D in industrial biotechnology sector. As we know global warming is serious issue world wide right now,...
PRAJIND consolidation phase breakout. Expect upside moment sooner.
Target Levels 450 / 490
SL - 350
Short Term (1-3months) View based on general market trend.
Not a buy recommendation. Only for educational purpose.
Praj Industries is forming a nice VCP at around it's 21 EMA. This consolidation has been happening nearly over the last one and half month. A breakout from this level can be explosive. Fundamentally, it's a very good stock. Keep an eye for the breakout and can plan the trade accordingly.
