Price action of Dhanuka Agritech exhibits a sustained weakness in Weekly time frame. The stock has consistently formed lowers and lower highs until recently.
By analyzing the recent price action, we could see that the two relatively new lows formed are at the same level indicating that bears might be losing steam. In fact previous weekly candle was huge thereby...
Dhanuka Agritech - Buy Idea
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Dhanuka Agri is under process of Forming a Rounding Bottom. It has also break IMP resistance level. It has also given Kumo breakout.
It will be also beneficiary of any positive move in Budget to rural economy.
Buy with a Target of 845 and 910.
in monthly, price bounced from ascending channel support, also hidden bullish divergence seen here,
in daily, price making higher and higher low, closed above upper BB and BB is expanding - sign of bullishness
sl - 630, 1st tgt - 930, 2nd tgt - 1000.
Inverted Head& Shoulder pattern seen. A close above 708 would confirm the pattern from where one can initiate long position with 786 as target. 767 area could act as resistance where one can start liquidating longs. Focus on farming sector by the government could be a boost for the stock.
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DHANUKA
