DuroPly Industries Limited (flag ) DuroPly Industries Limited (BSE: 516003), we can identify key levels and patterns to consider for making a buying decision.
Chart Analysis:
Downward Channel Breakout:
The stock was in a downward channel from March 2024 to June 2024, as indicated by the shaded area on the chart.
Recently, the price has broken out of this downward channel, which is a bullish signal.
Volume Confirmation:
The breakout is accompanied by an increase in trading volume, confirming the validity of the breakout. This is a positive sign indicating strong buying interest.
Support and Resistance Levels:
Support Level: The lower boundary of the previous downward channel around 280-290 can act as a new support level.
Resistance Levels/Targets:
First Target (1st TRG): Around 360.
Second Target (2nd TRG): Around 440.
Buy on Pullback to Support:
Considering buying on a pullback to the new support level around 280-290. This would provide a better risk-reward ratio.
Volume Monitoring:
Ensure that the volume remains strong during the pullback and subsequent upward move. Decreasing volume on a pullback followed by increasing volume on a move up is ideal.
Stop Loss Placement:
Place a stop loss slightly below the support level (e.g., below 280) to manage risk effectively.
Trend Continuation:
If the price continues to move up with strong volume, consider holding for the targets of 360 and 440 as indicated on the chart.
Summary:
Entry Point: Consider buying around 280-290 on a pullback.
Stop Loss: Set a stop loss below 280.
Targets: First target around 360 and second target around 440.
for MORE check in my Tv-id " in.tradingview.com "
If You LIKE👌👌 MY study ......Boost.🔥🔥🔥.. its.
"Disclosure : I am not Sebi-registered ." This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts / calls, please consult your financial advisors. Thanks
