AHLUCONT trade ideas
Ahluwalia Cont Ind LtdAhluwalia Cont Ind Ltd trading in channel. also today Aditya birla sunlife mutual fund buy through bulk deal 815000 shares @369.50 Rs.
INVESTORS PICK: AHLUCONTTrade Logic:
1. Respected Double top formation and reached its target. Now moving up.
2. Gap filling also done.
3. Stock trying to break it's all time highest closing from 2018 i.e., 421.50
4. Volatility compression seen from July-August (~2 Months). Refer Flag and Pole Pattern on charts. For clear understanding switch to line chart.
Ahluwalia Contracts near multiple breakouts.Ahluwalia Contracts near multiple breakouts.
200 SMA and Trendline BO above 306.
Ahluwalia ContBuy at CMP and on dips till 300
Target 360/400 and beyond.
Fundementally good share hence no SL but if you want to keep then it should be 260 on closing basis.
AHLUWALIA : Bouncing off strong support zone .....As seen there is a confluence of two supports coinciding. Quick a formidable force to beat for the bears:
- Strong support between 300 to 320 formed in two time frames
- 200 day EMA coinciding with this support zone.
The stock bounced off after testing this last week. This support should hold and stock should move to test 400 levels now.
Safe pick in a toppish market ??
