TRIVENI:- Rounding Bottom Pattern Formed, wait for breakout. keep on eye.
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As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
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After giving a multiyear breakout stock is rising in an impulsive manner and broken the parallel channel which suggests that a third wave is in progress. The Stock is forming higher highs and higher lows in all the time frame which is the basic definition of an UPTREND. The previous resistance zone of 200-215 shall act as a support in the coming months and stock...
Stock Name - Triveni Engineering & Industries Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 295
#This is not Buy and Sell recommendation to any one....
NSE:TRIVENI broke out from ascending triangle pattern.
Closing is strong and volumes are very good.
Enter 30% position at C.M.P and rest after retrace.
Potential BTST trade can also be taken in view of today's huge momentum candle. If trade doesn't work out, hold with strict stoploss.
Targets: 280/300/320
Sl to be placed below the pattern (210 levels)
Position...
Triveni Engineering : Long Term Holding, Fundamentals are saying This is the Best Sugar Mills of the related group ( Group leader )
today breakouts with high volume.
Triveni is a market leader in Sugar, Ethanol & Alcohol, Power Transmission, and Water Treatment Solutions in India.
The has made a new 52 weeks high today , volume is strong and it looks a solid breakout
Chart is self explanatory; SL below 205 levels. Can wait to go long if it breaks through the channel with volumes. If stock retraces, enter at lower channel for a rangebound upmove.
*** I am not SEBI Registered Advisor. Kindly consult with your advisor before taking trade. ***
indications for breakout -
1.formation of cup and handle pattern on daily time frame
2.failed once and again approaching resistance level with volume
3.increasing in volume with bullish candle
4.% of Deliverable Quantity to Traded Quantity 42.46 % recorded on date 2-11-21
this analysis is for education purpose only.
Triveni forming a cup and handle, it's touching all-time high, fib R2 breached in the daily timeframe.
Good fundamentals, Ethanol and hydropower generation catalyst
The stock was in a non stop uptrend for the past 1 year and after taking a break it has started rising again after multiple breakouts and retests as shown in the chart and RSI also shows it is very strong.
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