Prakash Industries Inverse Head and Shoulders Positional Trade: #PrakashIndustries
CMP: 87
Target: 102/103
Stop loss: 77
PRAKASH trade ideas
Prakash Industries - StrategyPrakash industries is a cyclical stock with prices swinging from 10x from the lowest price to falling again by 90% from the highest price. The stock is in constant momentum after pandemic crash/correction in markets. Looking at volume and correlating it with historical data, the chances of stock staying bullish are more than the chances of it being bearish. Also, the business has started to pick pace after heavily hit by the pandemic. If we look at the sectoral picture, the steel sector rose in markets like crazy, and now is in a small consolidation. If you enter for a trade-in this script, I would advise you to go wisely. Do not put money and forget. This is a cautious trade that poses a good magnitude of risk. But here Risk: reward is still crazy good.
They say risk and reward go hand to hand.
BULLISH TREND REVERSALthe stock looks bullish in short to long term(RSI-65 on weekly chart)
***Buy on Breakout above 72 for 1st Target roughly at 105 and 2nd Target at 125***
Target levels taken from previous weekly Support/Resistance
This is my personal opinion regarding this stock, do talk to your Financial Advisor before you invest
Prakash Industries - Potential breakout candidateHAD POSTED THIS CHART IDEA YEST BUT IT DID NOT POST SO RE-SHARING IT AGAIN
Steel stock that is trying to reverse..It was a darling of the previous bull run where several marquee investors like Madhu Kela also invested in the co.. (Disc: I used to own it as well then)
The stock is also trying to cross the 200WEMA (Similar to Bhushan Steel)...Would trade this slightly more cautiously than other leading players..
Long at CMP but with 50% of the quantity.. SL 62.
If the stock moves up i would fill my balance order above 70 and shift SL to cost because this stock tends to sometimes be volatile.
Plus market in the past has always question its promoter.
