DEEPAKFERT trade ideas
DAILY SWING CALL // Wed 09th of December 2020 // DEEPAKFERTDAILY SWING CALL // Wednesday 09th of December 2020 // NSE:DEEPAKFERT
// This is a swing trade call and not an intra-day trade. Please do not expect the stock to go up on the same day of posting or within a few sessions. Please follow the notes along with the posting before, during and after entering the trade //
CMP / LTP: 168.95
TARGET: + 195+(15%)
STOP LOSS: 152 (10% Max)
DURATION: In 15-20 Trading Sessions Target should be achieved
FOR STANDARD NOTES / DISC: Please refer my earlier posts on Tradingview.com
WEEKLY CHART OF DEEPAK FERTILISERSAdd DEEPAK FERTILISER to your watch list. Stock has retraced up to 61% and has taken many support at this place, its consolidating at this range for past 6-7weeks. Now it will act as a very strong support for it. But if it retraced below 61% than next downtrend will continue. One can take positional trade in this after breakout( resistance in red line). Same analysis works perfectly on daily chart also, check it up.
Breakout trade - W pattern The stock has formed a classical W pattern and has almost given a good breakout with high volumes and RSI confirming the charge of bulls.
Also it has been getting a good support of trendline. If it crosses and sustain its key level of 180-182, we may see the momentum getting continued for more upside rally in near future. We might see a short retracement due to profit booking, so buy on dip would be a good strategy in that case. So wait for the right price action.
Good support: 168-170
Similar view for Deepak Nitrite
Disclaimer: Take this view for educational purpose. Trade on your own risk.
Happy trading. Happy Investing!