All Mentioned & Plotted on Chart.
Notice "RISK" & "REWARD".
Not belief in Multi-Beggar Concept,
But in Investment point of View Good for Short - Mid - Long term.
Education Purpose only.
For trade decision consult with Financial advisor.
Shree Renuka Sugar
CMP 15.66
On 21 June, when stock was @ Rs 13, we highlighted how chart is indicating good times for Renuka Sugar is round the corner...
Well today the stock is up 20%...
No one can time the market.... but when time comes you can surely make the most of it...
All we need to do is...
- Do our homework...
- Identify key...
Shree Renuka Sugars
CMP 13
Stock is giving signs of reversal from important support level...
Sustaining above 13.2 can add momemtum and take the stock to 14.35 in short term
The stock looks good for accumulation from long term perspective also
Do review your trading plan and plan your trade accordingly...
Take care & safe trading...!!!
Breakout from symmetrical triangle on high vloume has run into a rectangle consolidation pattern with low volume.
Will renuka sugars reach 24 levels by Feb 2017. SL below Rs 14.
Current Wave -'v" opening up as a-b-c wave. here c-wave will equal a-wave at 18.03 with critical low @15.40 - Any move below 15.40 shall the end the pattern
In one sense it is good that sugar is taking time to melt because it won't affect our health & we can feel its sweetness as well.
From last update- prices has been struggling in the zone 15-16. Likely, we are close to do some trending move upside with key support at 14.90. Initial Target could be 18.40-18.50 & beyond that it should be looking an area of 19.50-19.90.
Follow up from previous update- "Renuka Sugar- Looking for small rally & big Fall"-- If RS moves above 17 mark -it will confidence the up move & should carry to 18.50-19 Handle Zone.
Regards,
Abhishek H.Singh, CMT
In terms of price Renuka Sugar has done nothing since Aug 2015 bottom at 7.10- Its seems that a leading diagonal is forming in sugar- we shall for a small rally to complete the diagonal & then a fall close to 8-10 (retracing almost 80-90%) not below the low@7.10- shall set the stage for fire.
