Maithan Alloy Ltd. is in Harmonic Bullish Shark Pattern on its Daily Chart.
B point retrenched less than 0.786 Fibonacci level of XA leg.
C point is the extension of XA 1.13 to 1.618 Fibonacci level.
and D point is the Projection of XA 0.886 level and BC 1.13 level, which shows the same price point i.e Rs.666/-.
Eventually, this should be the target of this...
Explanation in Chart. Strong fundamental script with good promoter holding. For value buy wait for correction at suggested levels (maybe around 400 for not so conservative buyers). If broader market moves it might break current levels as well and touch 700 level.
BUY LONGTERM = 1-2 YEARS
FOR 35% TO 60%
CMP -562, TGT - 780/1000+
SL - 460(ST) , 330 (LT)
**This post is for educational purpose,
please concern with your advisor before
investing in market related instruments.**
After long sideways consolidation, it changed the character. Then it formed a low cheat in form of pullback to 50 DMA.
Beautifully rounding out on weekly chart.
Then broke out today on high volume.
Tgt - at least 600 and 620
MAITHANALL | 17% opportunity - Breakout but struggling however i hope it will stabilize shortly as it is Nearing trendline support zone.
CMP : 512 (can buy upto 500)
SL : 480
Target : 590
1:3 risk reward
Keep on radar!
Disclaimer:I am NOT SEBI registered. THE OPINION GIVEN OR THE CHARTS PRODUCED HERE ARE FOR MY PERSONAL REFERENCE ONLY AND THEY ARE NOT ANY BUY OR SELL RECOMMENDATIONS. Kindly consult your investment advisor and family members before investing.
Technical: Strong breakout Awaiting
After a breakout from a downward trend line, it strongly went up and then consolidated for a while, now it is showing sign of breaking the strong consolidating, which may take the prices further up to the range of 650-750 levels, with stops at 500.
Market Cap: 1600 Cr.
Debt to Equity:...
The charts of Maithan alloys are looking very interesting. Will this one move past 544 on weekly closing basis or retest 490 which is now a triple bottom (a very strong support)
Waiting for clear trend to emerge and adding on SIP basis.
Vested interest and biased views.