Renuka Sugar (RENUKA) appears poised for a significant breakout, with the potential to surge beyond the 53 mark. Currently trading around 42, the stock has been consolidating within a range, showing signs of accumulation. Here's why this breakout scenario is compelling:
Breakout Confirmation: The stock has been testing the resistance level at 42 multiple times,...
WHAT IS RELATIVE STRENGTH ?
(RELATIVE STRENGTH is different from RELATIVE STRENGTH INDEX)
Comparing the performance of an individual stock to a benchmark index like the Nifty can help gauge its relative strength. The concept behind dividing the stock's performance by the Nifty index is to normalize the data and provide a measure of how the stock is performing...
RENUKA looks hot above 54
planning to enter at 54-55 range
25% SL since its a monthly breakout
80-100% TP very much possible if market doesn't turn bearish
📊 Script: RENUKA
📊 Sector: Sugar
📊 Industry: Sugar
Key highlights: 💡⚡
📈 Script is giving Ascending Triangle Breakout as shown in chart.
📈 Script is trading at upper band of BB and giving breakout of it.
📈 Already crossover in MACD.
📈 Double Moving Averages is giving Crossover.
📈 Volume increase along with price.
📈 Right now RSI is around 65.
⏱️ C.M.P 📑💰-...
📊 Shree Renuka Sugar
Near support zone
Looking good for short-term
Stop loss 40 closing basis daily
Tgt 60+
Bullish for long-term
No SL
Tgt 125+
Keep on radar
Weekly narrow CPR and tmw ascending CPR
if 9:15 candle 15 mins candle can close above CPR , then its a good sign of trend changing
safe entry after 48.10 , were it crosses monthly CPR
SL 46
--swing trade
--Good for long run
--sugar sector in focus
--Cup and handle pattern in 1H TF
--enter after breakout with good volume
--personal view in Bull
Disclaimer:
- The view expressed here is my personal view
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind...
📊 Details
Incorporated in 1995, Shree Renuka Sugars Ltd does manufacturing and refining of sugar, ethyl alcohol, ethanol, generation and sale of power
Disclaimer: This analysis Is intended solely For educational purposes And does Not imply that I am a SEBI registered analyst.
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NSE:RENUKA
one can research this setup for 60% to 100% gains in coming months
gave breakout on weekly timeframe at 50, then made high of 55
retested 50 zone this week and now back to 55
cmp is 55
This analysis is being done for educational and knowledge-sharing purposes.
This article does not offer any kind of buy or sell advice.
All stocks are positional and...
Shree Renuka Sugars is overstretched and prices may turn around; watch for signs of reversal.
RSI and Price divergence is noticed on daily charts.
Conclusion:
Downtrend looks minimal before reaching targets.
Note for everyone who came across this reference:
This chart analysis is only for reference purpose.
This is not buying or selling...
