Greenpanel Industries has come out of a long term Inverted H&S pattern and is ready to start it's previous uptrend after a beautiful breakout with good volumes. One can definitely look to enter for a medium term trade with the stop at 320
"Delivery Idea 22-01-24
GREENPANEL (CMP: 393.3)
Buy Above: 405
SL Below: 380
Target: 455"
Stock has Swing BO on Dated 28-12-2023. Now Same level has retest and take Support at Swing High.
If Stock again Move Back on 20-01-2024 High, then take Entry.
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Attempting breakout, via Inverted head & shoulder pattern
Took swing support at point 0.618 & 0.5
Note: This is just for analysis purpose, please do your own research before punching any orders.
1. The stock halted its downtrend, finding support and consolidating at the golden ratio of 61.8%.
2. Following the consolidation, there was a significant volume breakout on the weekly chart.
3. This breakout aligns with the characteristics of an ascending right-angle triangle pattern.
Trade logic:
Simple horizontal level resistance breakout of 400 which is also the neckline of Cup and Handle pattern.
Levels mentioned on chart. Stock has consolidated since long. We can expect quick upmove.
NSE:GREENPANEL BSE:GREENPANEL
Time Frame – Weekly
Observations : -
* Cup & Handle pattern form
* Pattern breakout above 400
* Promoters, DII & FII stake increased in Sept 23 quarter
Resistance – 424 / 513 / 625.70
Support – 335-361 zone.
DISCLAIMER : NCFM Certified Technical Analyst. I am not SEBI registered analyst. All posts are for educational...
Any one who want to make long term portfolio can go with this share as this shows reversal and if you add this share , you have higher chances of making good return in long term....and hence this share is only for long term... so analysis this share , and this sector also because this share sector looks also very strong in long term. ... . . . . . ...
stop loss...
- Company has reduced debt.
- Company has delivered good profit growth of 451% CAGR over last 5 years
Greenpanel Industries Limited is engaged in the manufacturing of plywood, medium density fibre boards (MDF) and allied products.
It enjoys a leadership position with a 27% market share in the organized MDF segment.
A bullish Cup and Handle Breakout about to happen in GreenPanel Industries NSE:GREENPANEL
One can create a long position in Greenpanel once it get the closing of 353 or above with a stop loss of Ruppes 320 for the 1st target of Ruppes 380 and then for the 2nd target of Rupees 420.
This is for educational purpose only.
Weightage
Greenpanel Industries is looking good on chart. Stock is consolidating since last 7-8 months. Seems stock is trying to break the range. Keep on radar for closing above 355.
