ASTEC has rallied continuously from 900 to 1220,
For Very Near term:
Pivotal Resistance R2 placed at 1260
RSI is at 76 on daily scale, stock has retraced at RSI 80 in the last few instances. one possibility is that it can break RSI 80 level this time.
1100-1180 can be seen as Fibonacci retracement support levels.
For Long Term:
Stock has closed at highest...
Buy at 1038-1050 range for an excellent entry.
SL - Exit if stock close below 1035
Reason for the trade: Breakout with a good volume and now fueling the car for the next move.
If you are taking the trade, please keep strict SL.
Disclaimer: Author may enter in trade so take your own decision. This is an trading idea not an trading or Investment advice.
Stock was on correction mode and now it seems it is coming out of it and there is breakout in RS line also. It can be bought above 1060 with SL of 996.
1040 to 1060 is good consolidation zone for stock. It can be bought once there is follow through with good volume.
Seems to be a double bottom, lows being made 3 months apart @801-805. We will be able to confirm it if it makes a U turn northwards. Else a strong support line in the range of 800-850 waits the stock to extend necessary support when it reaches there.
The stock has been backward integrating as a strategy. Pre Covid the company had its best result in along time. There could be a revival again this quarter. Results are on 29th Oct.
Technically the stock could be breaking out after consolidating for an entire quarter. Long at CMP with stoploss below 1050.
Fundamentally expecting a 100% YOY growth in profits...
Astec has broken a good support last Monday big time. If it recoups in a couple of days, the early December target will be 1300, else we may see it will drift to a level of 800 in a month, where a support is there