Cup of 5 years has been made in DREDGECORP. Perhaps low of handle has been made. Ideally handle's low should be 30% of low of Cup. But handle has made a low of about 25% of Cup's depth. RSI and EMA are good. It might go little more down to be near EMA. Then it might cross the neckline and shoot up.
#DREDGECORP trading above Resistance of 749
Next Resistance is at 1176
Support is at 616
Here is previous chart:
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose...
📊 DETAILS
Sector: Ports
Mkt Cap: 1,386 cr
Dredging Corporation of India Limited (DCI) is engaged in providing integrated dredging services to ports, Indian Navy and other maritime organizations in India.
TTM PE : 43.88 (Average PE)
Sector PE : 78.61
Beta : 1.52
📚 INSIGHTS
Strong Performer
Stock with consistent financial performance, quality...
Volatility Contraction Pattern is popularized by Mark Minervini, who is a two times US Investing Champion. Last year he won the championship with a record-beating 300+% in the year. He primarily uses VCP for his trading setups. It is a twist on the ascending triangle pattern with some variation.
It has the following characteristics:
The Stock must be in stage 2...
Volatility Contraction Pattern is popularized by Mark Minervini, who is a two times US Investing Champion. Last year he won the championship with a record-beating 300+% in the year. He primarily uses VCP for his trading setups. It is a twist on the ascending triangle pattern with some variation.
It has the following characteristics:
The Stock must be in stage 2...
Dredging Corp indicating formation of a very long term triangle pattern.
It has been a slow performer since many years and the chart pattern is a month based timeframe chart.
Volume in the recent move has moved the price up and seem to be forming that triangle pattern. Should cross the levels of 565 with decisive volumes and sustain to see some good move.
Up...
DredeCorp gives breakout after 5 years with high volume on daily timeframe. all stocks relaetd to shipping gives multiyear breakout at current time. please refer SCI chart analysis that was posted sometime ago. DredgeCorp have a potential to give 30%-40% return in medium term (6-8 month). please wait for some more correction and enter at 480 to 500 level.
current...
Possible bottom structure in the stock and also inverted head and shoulders pattern , breakout incoming above 450-470 levels , need clean breakout and must sustain above it , need weekly or monthly closing above levels and also a good retest for entry , potential targets of 615/750 levels if goes right , will keep updated of entry and exits in the stock🙏
DREDGECORP is travelling in a channel pattern in monthly time frame...and now it has given a superb breakout with huge volume.
seems like big players are getting in...
Fundamentally, its coming out of bad results and net cash flow is showing it to us.
Note- not a tip nor advice. just for knowledge.
DREDGECORP:- Breakout after 4 years going up with lower support
Hello traders,
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :)
check my other ideas to get to know about all the successful trades...
Breakout in DREDGECORP in Weekly Timeframe
Entry: 363
Target: 480
DISCLAIMER: The ideas shared are only for educational purpose. The markets are very volatile, so plan your trades accordingly. Please trade with stop loss. I am not SEBI registered.
