Blue dart is recovering from the losses, the correction lead the stock to a 50% level. It made a price channel at the bottom. I was bullish first but, When it broke the triple bottom support, I was damn bearish in this stock expecting a 62% correction. You can see the earlier posts.
Now it is poised for a breakout from the flag, coming result must favor a bullish...
Targets : 4850-5120 Buy Range : Above 4500 Stoploss : Below 4090 Duration : 4-5 weeks
The most important observation in the share price of Blue Dart Express is that the stock has formed a bullish “Double Bottom” as the lows of May 2017 and June 2017 are almost identical at around Rs 4165 signalling a reversal of the corrective trend prevailing...
The stock has given classical double bottom breakout that too with divergence. The simple pattern offers a long trade in stock by providing suitable stop loss. Prices can easily climb to 5300 in coming days.
Trend is firmly down in multiple timeframes. Due to oversold nature + Positive RSI divergence in week timeframe - expect a sharp 10 to 15% return in next 8 to 12 weeks.
Multiple EW labels : Price is ending 3rd of some degree OR 3rd of C OR C of ABC fall.
Irrespective of the EW labels, bounce should come. Nature of the rise will determine the label.
Bluedart: 4199 is currently trading at a double bottom support and a 50 % retrace level from its peak, with its strong fundamental, this is really a value investment at this level.
Stock can even come down to 62% retrace 3250 level, is a far possibility, in that case, one should take it as a golden opportunity.
Having an initial target 4600_4950 &5250 in 3...
