Shree Pushkar ChemicalA bullish cup and handle pattern is unfolding, with a cup formation currently in progress. Notably, a double bottom and inverted head and shoulders pattern are also emerging, suggesting a potential upside of 15 - 25%.
Shreepuskarchem
SHREEPUSHK - Ready for BreakoutHere is my observation for this stock
Double Bottom Pattern:
The chart shows a double bottom formation, a bullish reversal pattern indicating a potential end to the downtrend. This pattern often signals a shift in momentum from sellers to buyers.
Minor Resistance and Major Resistance Areas:
The stock broke above a minor resistance level and is now consolidating near the major resistance area. This resistance area is acting as a supply zone where sellers are currently active, but it also indicates strong interest from buyers as the price consolidates here.
Consolidation Near Major Resistance:
The stock is consolidating just below the major resistance, which is often a bullish sign. This consolidation, shown in the highlighted region, indicates that the stock is absorbing selling pressure and gathering momentum for a potential breakout.
Volume Dry-Up During Consolidation:
There is a noticeable drop in volume during the consolidation phase near resistance, a phenomenon known as a "volume dry-up." This suggests that sellers are losing interest or running out of shares to sell, increasing the chance of a breakout when demand picks up.
Rising Moving Averages:
The shorter-term moving averages are rising, indicating positive momentum. The alignment of moving averages supports a continuation of the uptrend, especially if the stock breaks out above the major resistance.
Trade Setup with Key Levels
Breakout Entry: A conservative entry would be above the major resistance area around 270-275 to confirm the breakout.
Targets:
Target 1: 310 – A short-term target after the breakout, based on nearby resistance.
Target 2: 340 – A medium-term target if momentum continues and buyers remain strong.
Target 3: 380 – For a long-term position, depending on how the trend progresses.
Stop-Loss:
Place a stop-loss below the consolidation range or the minor resistance level, around 240, to protect against a false breakout.
SHREEPUSHK - 50% gains possible from hereNSE:SHREEPUSHK
cmp is 221.70
50% gains is possible from here
immediate target will be 320
The objective of this analysis is knowledge sharing and education. There isn't any buy or sell advise in this article. Every stock is held for a short to medium amount of time and is positional.
It is expected of each person to carry out independent research and evaluation to ascertain whether my perspective is consistent with your studies.
ShreePushk : Good Breakout and retestShreepushk Has given a good consolidation breakout with volumes
It has confirmed its intend to go up by making a Bullish Engulfing candle at retest zone.
It may move up to 320 levels to complete its round bottom structure.
DISC: Not a buy or sell advice. Please consult your financial advisor before investing.
Shree Pushkar Chemicals technical analysis 1hr chart, Short termStock got strong bounce from 140 levels and have a strong support at 160 levels. With 140 as stop loss can go for target of 200 with 1:2 risk to reward ratio in next one year of time.
Buy - 160
Stoploss - 140
Sell - 200 -250
SHREE PUSKAR CHEM,|1W|NSE |LONG| CUP AND HANDLE PATTERN
Entry -cmp
Stop loss -190
Target-490
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Educational Purpose Only.
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