The stock has reverse from its peak and will find support only at 385 as marked in the chart. Fibonacci 0.61 retracement levels also matches with this traditional support. the stock will take support at 385 and then revisit the up trend. Volumes are not encouraging.
For academic exercise.
Fresh Monthly Breakout seen above 490 close
Trgt 1 : 715
Trgt 2: 850 (Will recheck after 1st Target is achieved)
Try and renter around 520-525 levels good chance of pullback
Duration : 3-6 months
SL - 470 weekly close
Co is Fundamentally sound and available at attractive valuation when compared to its peers
Disc. : Views Shared for Education Purpose...
Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Price - 519.45 Dt. - 30.07.2021
Stock is consolidating from 1 June. It's been 60 days since the stock is moving in range and it looks like the stock is ready to make investors and traders rich.
If the stock crosses above 525 with good volume then it will be the buy signal.
Consolidating for a long time, any upward move will bring a good breakout on the stock.
Flag pattern formed.
RSI bounced back from 50 levels.
EMAs on the upward side.
2h Supertrend has turned positive.
Disclaimer: This is NOT an investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
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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