REFEX trade ideas
Refex setting up to resume Upmove. Refex has completed three contractions, all within the 25% range.
It seems to have started to move up from its tight range.
The volumes need to be encouraging and higher to be able to decisively cross above 142.40.
Entry levels, risk, and targets shown for my journaling purpose.
REFEXCup & Handle break out in weekly TF, SL 120 Tgt 210/290 & More
Abv chart is for Study Purpose only.
Buy RefexRefex has been consolidating and price action/volumes not showing any weakness.
It has retested the last breakout level which acts as a demand zone now.
Buy ABOVE breakout level for a safe trade! 1:3 RR ratio is possible!
Levels mentioned on chart.
REFEX INDUSTRIES, in the accumulation zone trgt of 50% = 148refex industries, in the accumulation zone , for a trgt of 148 from 97..= 50%, any fall needs to be bought...trgt still would be 148
Retest on daily TF
Looks retest on daily tf trendline
Entered on retest at 125rs
Sl 94 (25%)
Target 230 (85%)
Breakout and Buildup VolumeAlso looking at their business profile its an interesting business and will play important role in coming years.
Talking Technically its has given a successful breakout after so many attempts.
Sharing My view
Idea on Refex IndustriesNSE:REFEX is long term bullish and its proving the same. It might correct/consolidate to fill the gap up that was created earlier.
Breakout with Cup and handle formation in RefexRefex forming a cup-and-handle formation in weekly chart and hit upper circuit today. As per technical chart, immediate target would be the length of handle(170) and the long target would be the depth of cup (220). Increasing volume supports the breakout as well.
Refex Weekly chartRefex weekly cup and handle pattern. Very good fundamental stock for long term. (12-18 months view)
REFEX INDUSTRIES - PE 7 with good technicalsThe Hydrogen Policy will benefit Refex Industries going forward.
Travelling in channels having witnessed accumulation and a good breakout.
Price is above the Ichimoku Cloud as well.
REFEX Long Term BuyBuy at CMP and till 50, SL 40.
Company is having Low Debt, High ROCE, Low PE, and fulfills the ESG Theme.
Note: I am not a SEBI Registered Advisor.
On supportLong position can be initiated at the CMP as long as it holds on the support which can be confirmed in a couple of days.
seems like 80on the cards. 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.
BearishRefex has a good support at 44 but I hope 51 is not breached in intermediate term, looking at the big picture.
BullishRefex has been able to close above resistance and if it manages to hold the support formed thus, may catapult it to its next resistance line likely to be met above 150
BullishGood support at 76, in case of sustained bullishness, target in intermediate term wwill be 142
