Daily Bullish Flag Breakout in Som DistHi,
NSE:SDBL has given a Bullish Flag Breakout on Daily charts with very good volume.
MACD is also on the bullish side on daily, weekly and monthly time frames. RSI is also on the bullish side on daily and weekly time frames.
In the current market scenario, I am expecting that the bullish momentum will continue.
Complete price projection like entry, stop loss and targets mentioned on the charts for educational purpose.
Please share your feedback or any queries on the study.
Disclaimer: Please consult your financial advisor before making any investment decision.
Somdistilleriesandbreweriesltd
When all news is good news for a stockAs per the wave personality theory, the best news about a stock comes during 5th wave of some degree.
The scrip has been in news lately for various good reasons and every analyst / news channel is covering the same.
However, technically
- We may be in the 5th wave of rise from Nov 2020 lows of 22/- as marked - On weekly scale, the 5th is almost complete unless it decides to extend by way of sub-divisions
- Price is developing negative divergence with momentum indicator
What next - in our view
- Time to tighten SL.
- There is no harm in taking some profits off the table if monthly closing (although its just mid of the month and closing is still far away) is a red bar.
Let's see how this develops.
Disclaimer - These are our personal views and in no way a Buy or Sell recommendation. Any trade or investment decision if you wish to take, please do after consulting your financial advisor.
