whenever there isnt a wick at the top
near the bottom of the bullish channel
it has become the dream of a trend trader
touching the upper channel
for the perfect entry one has to wait for a higher high
and only take entry after a decisive close over the weekly swing high
try doing a valuation and company seems very appropriately valued at the moment
#Honeywell Automation India Ltd. Cmp 40000.30
#Retest of top made on 12 Feb 2020 done
#Bullish Candlestick on 200 DEMA at same levels
#HAIL #MNC
#StocksToInvest
Following Chart is of Honeywell Automation which Clearly shows Tweezer Bottom at the Support Level of @39130
The trend must get reversed with Targets anywhere around @48000 to @50000 if the Strong Resistance Level is Broken @45000
The RSI is just reversing from the Oversold Region which hints a nice time to buy.
All in all you will end up with a sweet 11% profit...
Honaut retesting important fib levels of ratio 1.414 (40800). Can enter into a long position with CMP with SL of 39000 and more can be added around 1.27 (39500) with targets as mentioned on the graph.
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🔥 Common sense used :
📌 Weekly time frame: Make 2 fib from 2 different from one will give you 30% retracement of price and one will give 50% - a sign of extreme bullishness
📌 The supply zone is broken and now converted into a demand zone on those bullish levels...
Took support at the 50% fibo retracement + 200EMA + 10MEMA and now looking to breakout of the descending trend and make a new higher high.
There is also a double RSI +ive divergence.
Long above 42000
SL 39990
Target 47750 and then 50,000++
Above 42,000 post entry if the stock moves 5% shift SL to cost and let it ride with a low risk exit if the markets turn...
Stock has corrected from life time high and now has taken support at Fibonacci levels. Big bullish candles followed by big volume is seen in day chart. Target of Rs 49000 and SL at Rs 41000 should be noted.
Honeywell Automation India Ltd. engages in the manufacture of electronic systems and components. The firm also offers repair and maintenance services, trading of machinery, and equipment and supplies of related products. It operates through the India and Other geographical areas. The company was founded on January 13, 1984 and is headquartered in Pune, India.
NSE
