Shriram Transport Finance has already given the breakout, as you can see in the chart.
There is a strong resistance of 1426, two times stock tested the level and then given the breakout.
Now for tomorrow you can buy this trade once it goes 1442, for the target of 1470.
Note: Avoid the trade if stock gives gap up opening.
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share name shri ram transport finance
why i buy this share ?
-forming a range above resistance
(resistance becomes support)
-consolidation is a good sign
-targets 2800(if rounding bottom get done)
- maintain a stop loss of 1200
- best price to buy is around 1300
Shriram Transport may have just completed a Triangle in the form of Wave 4th (Wave count in Blue) and now about to start it's journey for the 5th up, as depicted on the chart.
An easy target could be placed at the 38.2% extension which is at 1750 (and maybe beyond) which is a 25% upside .
A word of advice as always, tread cautiously and work...
👑 Terms used if you don't know :
✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows created in between them are bulls vs bears fight going on inside the pattern and if it comes to the lower part of it, surely bulls will take it to the topmost point and vice-versa...
TREND ANALYSIS & TRADE SETUP !
WAVE ANALYSIS !!
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for ENTRY CONFIRMATION !
Risk:Reward: 8-10 times.
Overall the stock has a positive trend, but pullbacks are very deep.
- Requires proper breakout with volume.
The Indicator Used:
1) Daily Lines Plots Daily 20 (BLACK) & 50 EMA (GREY), BLUE (200 DAILY EMA ) On Lower Time Frame Charts.
2) Valuation band
KEYS: Red Faded Cloud: Over Valuation.
Grey Faded Cloud: Proper Valuation.
Green Faded Cloud: Under...