Balrampur chini is clearly following elliot wave paterns with 5 impulse waves and corrective waves, we can see a start of 3rd Wave in the stock. The 3rd wave will also have up ward and down ward movement with a potential upside of 35 - 45 points.
1st wave had an upside of 50 points from 85 to 135
2nd wave had and upside of 40 points from 125 to 165
So Sugar did give the breakout that I was anticipating. Earliest targets could be the previous 240 highs and it could go beyond- probably as a corrective upmove . For fresh longs, waiting for a pull back or a corrective structure seems to be a good idea!
Sugar is very low and reached a strong support about 10. Therefore there is a potential for bullish mood in the market. Bull spread SBH19-SBK19 offers an interesting opportunity, when a price will make a correction to -0,20 and then up again to 0,00.
On a monthly chart, the price action has broken out from a consolidation range that indicates bullishness and buyers dominance. Previous month the stock corrected 25% and retraces back to the previous breakout levels or resistance. The prices may go down further to 28 levels but eventually it will rise with the time and may cross over all time high of 45 levels....