RK Forg , the stock has been trading in this channel right from Jan 2021. Yesterday stock gave channel BO along with volume BO. Highest volume were registered after 2019 , 10 times the avg daily volume. Since auto ancillary stocks like Mothersumi , Bosch are performing , this stock should be under radar.
Broke important resistance level
Formed flag pole pattern on weekly time frame
Upside momentum will continue.
Only for educational purpose. Trade at your own risk!!
high volume and price increase most of the times opens gap up. buy today at 3:20pm and sell tomorrow at 9:15-9:20 am no matter what the price high risk high reward. only for risk takers.
After four months of the consolidation zone, It has given Breakout with a v. good delivery volume. All oscillators are in bullish bios. ADX is indicating strength in the up move. We can expect price movement up to 740 in the near term, And 775 to 820 in Mid Term time frame.
Watch out on Breakout Confirmation: Some traders apply a price (3% break) or time (sustained for 3 days) filter to confirm validity. The breakout should occur with an expansion in volume, especially on upside breakouts.
Note: This is my analysis and do not recommend to anyone to take entry. Use your wisdom and analysis to take your entry.
This is a public swing trade idea from "one right trade" and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. We would comment on any further updates on our entry, targets and stop-loss on this idea, so make sure to follow it if you want to get further updates. Our objective to help...
RK FORGINGS
CMP 850
Stop 720
Target 1200 plus
Monthly chart
1) Stock has completed a W pattern breakout last month with above average volumes. Rising leg of the W pattern has seen significant increase in volumes.
2) Stock has been consolidating this month as seen from low volumes and low volatility.
3) W pattern breakout accompanied with spike in RS above its MA...
