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Elliott Wave Insights: Shree Renuka Sugar Ltd - Bullish OutlookHello Friends, Welcome to our Elliott Wave analysis and technical indicators overview of Shree Renuka Sugar Ltd (RENUKA). In this analysis, we'll explore the Elliott Wave perspective and how it aligns with various technical indicators to support a bullish sentiment in the stock. Please note that this analysis is for educational purposes only and not financial advice. Let's dive into the details. Completion of Larger Degree impulse wave (1) and then correction wave (2). Based on the Elliott Wave principle, we've witnessed Shree Renuka Sugar Ltd undergo a larger degree wave cycle. The stock completed waves 1-2-3-4-5 as subdivisions of larger degree wave (1). Following that, corrective waves A-B-C formed as subdivisions of larger degree wave (2). This suggests that the corrective phase might be over, potentially heading the way for a new impulse wave. In line with the Elliott Wave structure, there are indications that the stock is entering the initial phase of a fresh impulse wave. If this assumption holds true, it could signal a renewed bullish momentum in the stock's price. possibly we are in the beginning of a fresh Impulse wave may be we are in wave (i) of 1 of (3). Possible Elliott wave structure and counts on daily time frame Adding to the bullish case, stock has experienced a breakout on the daily timeframe. Breakouts signify a decisive breach of a key resistance level, indicating a potential change in trend direction. The accompanying strong trading volumes during the breakout add validity to the move, suggesting a significant market interest. Breakout on daily time frame along with good intensity of Volumes Weekly price closed above 20-Week Moving Average (20WMA) On the weekly timeframe, the stock's price has consistently closed above the 20-week Moving Average (20WMA). This indicates a positive long-term trend and reinforces the potential for further bullish movements. Weekly price closed above 20WMA which is good sign for bulls Daily Price Above Key Moving Averages - 50DEMA, 100DEMA, and 200DEMA On the daily timeframe, stock trading above the 50-day Exponential Moving Average (50DEMA), 100-day Exponential Moving Average (100DEMA), and now has closed above 200-day Exponential Moving Average (200DEMA). The alignment of these moving averages above the stock's price is considered a bullish sign, indicating a strong trend. Daily price closed above 50DEMA, 100DEMA, and 200DEMA which is good sign for bulls MACD positive in daily MACD positive in weekly Conclusion The comprehensive analysis combining Elliott Wave principles with technical indicators supports a prevailing bullish sentiment in Shree Renuka Sugar Ltd. The completion of a larger degree correction and the potential beginning of a fresh impulse wave suggest positive market sentiment. Moreover, the breakout on the daily timeframe and strong volume support reinforce the potential for further bullish movements. However, always remember that no analysis can predict future price movements with certainty, and the market carries inherent risks. While this analysis aims to provide a well-informed perspective, it's essential to acknowledge that the future performance of the stock cannot be guaranteed, and prudent risk management is advisable. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:RENUKALong
by RK_Chaarts
11
SHORT-TERM BULLISH in RENUKA SUGARS !!!#MONDAY> <#SHORT-TERM> NSE:RENUKA { Why SHREE RENUKA ??? VOLUME during this month is comparatively higher than past 4-5 years volume...(On Monthly candles); its net profit has been increased drastically from quarters to quarters; good news is being seen sugar industries; it's earnings is going to be announced next month (May 28); Be careful It's a PENNY STOCK; } { BUY: Renuka sugars Trigger price;-"60-62"; TARGET:-72++; SL:-55; The above provided levels are provided based on our RISK-MANAGEMENT !!! } } HAPPY TRADING { Follow for More exciting trades.. @VK2413 Show your ❤️by 👍to the idea.. Please express your response by comment.. }
NSE:RENUKA
by VK2413
Dwarikesh Sugar | Targets +22% to 44% ?Dwarikesh Sugar: Will it continue its momentum and give another +22% gain? Post its breakout, the stock has consolidated well below Rs 100 range. This consolidation has been supported by excellent volumes too. The past two week price action is indicative of likely strong up moves in the coming weeks ahead. My expectation is that 119.80 should be most likely crossed in the coming 3-4 weeks. There's a fair possibility that even 141.75 may well be achieved within the next 5-6weeks. Stocks in Stage 2 have a tendency to continue their momentum moves. Let's see how this stock behaves ahead in the coming weeks. Here's the Trade Plan CMP = 98.05 Entry : At 96.60 to 98.80 range Add on Dips: At 92 (Low Risk Entry) Initial Stop Loss (ISL): @ 90.80 Wide SL 84.80 Potential Targets: 119.80 (+22%) 141.75 (+44%) Note: Breakout closing above Rs 100 needs to be supported with high volumes. Trade Setup gets invalidated once stock starts to trade below 84.80 What have you learned from these studies and updates? Can you see the continuation of the Momentum pattern? How will you apply and gain from it? Thank you for checking out my content. If you like it and gain from it; FOLLOW for more !!! LIKE & SHARE if you found the idea useful !!!! COMMENT below with your questions, views and suggestions !!!
NSE:DWARKESHLong
by amar_gr
2
Target 2 Achieved | +33% Gain in just 10 days | Dwarkesh Sugar This is the update to my earlier view shared on 14th Nov 21 on Dwarkesh Sugar. As on 14th Nov expectation was that 78.50 should be crossed in the coming two weeks. 10 days later the overall markets became weak. The above view was revised on 28th Nov indicating that 4-6 weeks of patience would be needed. It took a total of 7 weeks instead of initial anticipated 2 weeks of consolidation. Which was in fact a very good thing to happen. During these 7 weeks Dwarkesh traded in a narrow range. It printed more green days than red and also showed good signs of accumulation. Of the total 35 sessions, -18 bars were green and - 7 green bars had above average buying volumes. - Red bars majorly were showing below average volumes. All excellent signs of institutional accumulation. Also during these five weeks of consolidation two attempts at breakdown failed. Dwarkesh eventually neared the rising 200day sma support zone. With the second breakdown attempt failing above 200d sma, breakout above 74.50 was now needed for entry; The Trade Plan was revised as below for entry above the narrow range. Entry : On Breakout above at 75.40 Initial Stop Loss (ISL): Below @ 64.80 (SL based on structure) Note: Breakout above was needed with high volumes. On 4th Jan 2022, the breakout occurred and entry was triggered in the opening hour itself. The trading volumes within the first hour of open supported the rise and eventually made the stock hit the upper circuit by the close of the day. Thereafter Dwarkesh Sugar took just 9 sessions to return an impressive gain of +33%. Patience pays. Waiting it out for the right time until; A. the low risk entry exists B. in the right direction and C. at the right location is the key to winning the momentum game. Catching a momentum stock is much like waiting for the spring to be compressed fully. Then just jumping on the spring just before the pressure is released, will help one to fly higher with little effort. Can you see that pattern? What have you learned from these studies and updates, and how will you apply and gain from it? Thank you for checking out my content. Hope you liked It. 👇👇 Check my idea snapshot image dated : 14th Nov 2021 Click below and see the related idea titled: Dwarkesh Sugar: Will it break out to give a +30% gain? FOLLOW for more !!! LIKE & SHARE if you found it useful !!!! COMMENT below your views and suggestions !!!
NSE:DWARKESH
by amar_gr