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
-6 point RSI bullish divergence on the daily chart .
-3 point RSI bullish divergence on the hourly chart.
-Forming a bullish wedge on the hourly chart.
-4 point bullish divergence on daily Stochastic .
-Strong bullish divergence on MACD .
This is not an investment advice. Do your own due diligence.
Not invested yet.
stock is in tremendous upmove, stock is in good momentum and ready to break 2009 high of 168 .
also stock is trading at a pe of 6.05 against the industry avg pe of 19.
we might see a big upside.
buy for 200 target