#SHRIRAMFIN BREAKS OUT FROM HEAD AND SHOULDERS CONTINUATION PATTERN ON WEEKLY TIMEFRAME 📚📈
The price action in Shriram Finance shows a strong uptrend in the weekly time frame.
The price has been consolidating for some time, and the pattern that seems to emerge from this consolidation is a head-and-shoulder continuation pattern.
The price is also reversing off...
Shriram finance Ltd: Inverted H&S Pattern
10 %upside potential.
Levels mentioned on chart.
Plan your trade accordingly.
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’,trade at your own risk.
"Trade what you see, Not what You Think"
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The scrip was trading below multi-year resistance trend line since 2008.It gave a breakout from the trend line on 24th Jan'24. It formed a large bullish candle on a monthly time frame returning 16% in JAN'23 and nearly 99.5% in last 12 months.
The Stock rose nearly 3.30% today hitting an ATH of 2442 which is also a 25-Year High.
Stop Loss: as per risk...
1) Inv H&S formed on Weekly chart.. excellent depth of the head.. long 5 years consolidation.
3) symmetrical Triangle, breakout already done. Retest also done.... and fresh upmove started.
All this on weekly chart -- means target is big, very big.
Fundamental :-
1) excellent dividend payer.
2) Vehicle scrap policy will hit give a booster dose Auto Sector, and...
This stock has been trading in the channel since 2008. It is highly unlikely that this will break is anytime soon, but given the elections in India, it might take at least 1 year for the stock to reach its bottom of the channel.
I will be placing my spot bet after election results on this stock.
SHRIRAMFIN has formed a triangle pattern, given a breakout and is at retracement level, earlier resistance may act as support now.
1300-1330 is a good buy zone.
SL: Daily candle close below 1300 levels.
Target: 1970 levels in 5 - 10 months timeframe.
Note: If it sustains above 1700 levels, it is good to hold for long term with targets of 2300 and then 2800+ levels.
1 Clear ICHIMOKU levels.
2 Stock at all time high.
3 Strong strength candle on daily, weekly, monthly time frames.
4. Good entry Above 2040.
5 Stock can reach 2080, 2000, 2015 levels on INTRADAY or coming sessions.
This view shared for educational purposes only. Please consult your financial advisor before entering into trades.
Shriram Finance Ltd. NSE has broken out on the daily chart, with the price moving above the 200-day moving average. This is a bullish signal, and the stock could continue to rise in the coming days and weeks.
BUY - SHRIRAM FINANCE LTD
CMP - Rs. 1734
Target - 1: Rs. 2106
Target - 2: Rs. 2365
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Technicals - Trendline Breakout
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This is just a view by an expert analyst, please invest at your own risk.
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