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This is monthly chart of emami. THis stock has been consolidating in a 200 point range for sometime now. If this range breaks, the stock could slip towards 280/260 levels.
Currently they are moving price up , High likely they will make an Contracting Flat before braking down , its not Good idea to Buy this up trend as structure is weak
EAMAMI has been moving in a range for a while, currently testing the neck. Awaiting a breakdown or reversal on account of results next week.
LOOK IN THE CHART
PLEASE WATCH FOR THE CLOSING
The stock has formed a bearish ABCD and also at resistance.
RSI and Stoch are in overbought region so potential reversal zone.
One can short as per the chart.
Short entry below 1270 with SL 1360
EMAMI long based on ascending channel and S/R
Channel breakout in Emami above 1193, will be good value to pick for short term to long term
The stock is contracting in ascending level , if makes upper line brakes and confirms the trend the its going to make another bull run for 10 %
if drops below the lower trend line and makes a consolidation then it will spike up and then starts heading for downward trend
Lets see how it unfolds
EMAMI is moving in a long time up_channel for a five months now.
Currently on the edge, for a possible breakdown or reversal
Good technical breakout at CMP and add in dips upto 1150 for short term. One can keep SL 1106
Emami on verge of breaking out from 2 yrs of consolidation. Stock has formed a huge 495 rupees symmetrical triangle between 1365 and 870. Breakout above 1200 will give an upside tgt of 1200+495= 1695. Stock is part of my investment portfolio for last 3 yrs.
Actually I planned this stock as Intraday setup only but when looked up on larger timeframe there were 2 triangles, triangle within a triangle, if you are Intraday trader go down on timeframe & take the bullish breakout of smaller triangle. If you are swing trader, obviously the bigger triangle is for you in Emami. Let's see whether Navratna oil keep us cool or ...
One may look to create long positions in (EMAMLTD), price above 1140 & also buy on dips (price range 1080-1095), for upside targets of 1450 / Higher , Stoploss to be placed just below 990.
EMAMILTD: LTP @ 1041
In Hourly Chart
Fib. retracement 0.618 Level @ 1028
Also Gann (3/1 i.e 30 Degree) intersect at above mentioned point.
Watch all indicators Also support the Move.
Tgt (Swing) : @ 1061, @ 1078.
TGT (Short Term): @ 1097 - 1134
Emami given breakout with strong volume buy on pullback near 1075 for target 1225
Bullish Butterfly is forming on Emami.
Potential Long Entry @ 1128
Target @ 1173
SL @ 1105