HAVELLS trade ideas
Post DIWALI stocks! is HAVELLS heading towards CORRECTION ? Havells chart is providing lots of hint. Its suggesting an imminent correction looming over Havells. Also this stock is major beneficiary of Diwali Consumer Durable Sale rush. Just waiting for ZETA SCANNER to provide sell signal and buy pputs and hold till the next buy signal comes or else it swells in good profit.
HAVELLS, MOMENTUM TO CONTINUE ON BREAKOUT (CHART# 356)HAVELLS is respecting its previous high peak from Jun 2019. After good momentum move in last week, it is taking some rest at 815-825 levels. Once it breaks 830, it will continue momentum.
Weekly chart view
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Piyush Gupta
Example of Expanding Triangle Howdy Traders,
we already know that Triangle occurs in Corrective waves and Diagonal occurs in Impulsive waves.
Their are three type of Triangle
1)Expanding Triangle
2)contraction Triangle
3)barrier Triangle
Their are 2 types of Diagonal
1) Leading Diagonal
2) Ending diagonal
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This is the example to expanding diagonal
Rules :
wave C,D,E each moves beyond the end of the preceding same - directional sub wave.
sub waves B,C and D each retrace at least 100% but not more then 150.75 % of preceding sub wave.
sub waves B, C, D usually retrace 105 to 125 % of the preceding sub wave.
No sub wave has yes been observed to subdivide into a triangle
Stock Analysis of Havells Ltd.Price - ₹727.90 Dt. - 31-10-2020
Stock is in the uptrend from late May. On a daily chart, the stock is consolidating near the support line placed at ₹709.65. In 2 or 3 trading sessions the stock can take the support of trendline and can resume the up move. Apart from the trend line, the stock will also take the support of 21DEMA. Price if move in the up direction as per the expectation then it can give nice 10% profit in the few weeks. RSI is near the 70 levels.