Contra bet on Chemical Stocks, with Low Risk Setup - One can take small entry in at around 2500, while topping up once it touches 2670.
View invalid below - 2030 .
Disclaimer : Educational Content and not a recommendation
NSE: BALAMINES is closing with a bullish consolidation candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 13% to 20% gain on...
In the Weekly Chart of BALAMINES ,
we can see that; it can give up move with W breakout.
If it gives W breakout, it will lead to Cup and Handle formation and breakout.
Trade with SL in this Volatile market.
We are seeing a decent base formation of 47weeks and 31% range. Structure is currently LL-LH and established trend is currently down. But we are seeing no follow through and nice volumes spurts indicating some kind off activity. On a monthly timeframe if you see that the stock is resting between 23-38% fib levels which is very good. Also if you look at the current...
If it breaches 20 EMA and consistently stays over it, then good chance of riding the breakout as amine prices and volumes have increased.
The fundamentals as shown by the QE Pro+ indicator are not good with both sales every quarter and profit too degrowing.
Balaji Amines:
CMP: 2393
Support:2200
Best: 2350-60
Trendline and double bottom breakout on daily TF.
Stock closes above 10,21,40,50 DEMA.
RSI at 61, which indicates strength.
Volumes spiked up substantially.
NO BUY / SELL RECO.
Pls do your own analysis or consult your advisor.
completed the consolidation and looks now in the mood to start the uptrend.
Already 1 attempt done, and retested the bottom, so no more fear to fall.
I recommend to LONG
In the Weekly Chart of BALAMINES ,
we can see that; it has created a Hammer candle.
We can see a W shape recovery, Also it is forming a Cup & Handle it is gives a up move
Enter on breaking its High with Low as SL.
Balaji Amines Ltd specialises in manufacturing Methylamines, Ethylamines, Derivatives of specialty chemicals and Pharma Excipients.
The company has a diversified product portfolio with a basket of over 30 different products.
Fundamentals:-
Stock PE is near Industry PE.
Debt is very less as compare to reserves.
Dividend giving stock.
ROCE & ROE Good.
Promoters...
Chemical industries have been sluggish on fundamental clues due to macro economics. However, this speciality chemical company is ready to make a move. Technical Weekly sharts shows signs of momentum for an upmove. One can enter at 2345 with medium term Target of 3050 and stop loss of 2000
Scrip has been in downward trend for more than 2 years and has given trend reversal break out this week. It has potential to give approx 40% return in short term and huge potential in long term.
DISCLAIMER:
The perspective I am providing may possess inherent bias. My family members and me may and may not have financial investment in aforementioned scrip....
Fresh breakout is expected in BALAJIAMINES. The stock gave a breakout last week with big volume and expected to move further up.
NOTE: I'm not a SEBI REG. Study before investing.
📌CASE STUDIES ON CHEMICAL SECTOR STOCKS 🚀
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📌TRADE ANALYSIS OF...
•All chmeical stocks are movingfrom one Accumulations zone
•Ride above all key EMA
•Volume Build up in previous trading sessions
•Bullish...
