Trendline Observation(s). A simple trendline breakout on SARDA ENERGY. BUY strictly above 400.10 -> 415, 435, 450. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.
THE STOCK IS IN VERY BULLISH TREND MAKING HUGHER HIGHS
THE STOCK HAS GIVEN A BULLISH CUP AND HANDLE PATTERN AND ROUNDING BOTTOM PATTERN BREAKOUT ON DAILY TIME FRAME
THE VOLUMES ARE SUPPORTIVE AND THE INDICATORS TOO
ACCUMULATE AT CMP OR ANY DIP NEAR 335 WOULD BE BEST ENTRY
TARGETS:- 370, 434, AND 520
SL:- 260 ON CLOSING BASIS
SARDA Energy formed a rounding bottom on daily frames, and realized breakout lately, however still 10% upside is intact. more over we can see Eliotte WAVE on WEEKLY scale, currently it is in 3rd wave (Impulsive), it can quickly reach 370-380 levels. end of 5th wave could be seen at 480-510 levels.
Please do like and share the idea in case you find it good and follow it for further updates on it for benefit of everyone. Also, please comment if you have any feedback. This idea by one right trade is only for study purpose and is not a trading call.
Trade will be quick.
If you not front of screen then please don't take the trade.
Cash stock always have tendency to move and retrace withing very short time.
Trade for a week .
SARDA is trading near its tight support of 205 levels, glided through ascending trendline with huge volumes.
Look for long positions above 210 for the below target.
T1 : 236
T2 : 296
T3 : 382
Stop : 185
Today sarda energy closed at 257.95. Stock is in a perfect uptrend in both weekly and daily chart. Now i am particularly looking at RSI and as in uptrend rsi generally takes support around 50-60 zone. In this 4 hour chart once RSI came to take support on 30 sept 2016 and price was that time around 194. It took support and given bull rally and high given 296.60....
