The price Chart clearly says a lot itself. The price action is something that always works. This is a classical example of how a VERY simple analysis is enough in the market to become profitable.
This time again it has given an opportunity and made a BULLISH PIN BAR at the support of this range which shows price is reacting to this level and that there is DEMAND...
SUMITOMO CHEMICAL - 2 month consolidation with higher lows has now reached the pivot with tight action and volume has also dried up suggesting all supply has been soaked up. buy can be initiated
CMP - 497 BUY PRICE
483 - SL
530 - TARGET
505-507 RESISTANCE
Sumitomo chemicals is an leading company in Indian Chemicals sector.
The quarterly earnings of the company were strong, but due to short term regulatory changes, the share saw a downfall.
One of its chemicals ~ 15% revenue had its usage restricted, but the management expects these headwinds to ease in the mid to long run.
Overall valuations seem attractive,...
ON'T HAVE TIME TO MANAGE YOUR TRADES?
- Take BTST trades at 3:00 pm every day
- Book profits within the first 30 minutes of the market opening
- Try to exit by taking 5-7% profit of each trade
- SL can be taken when the 5/15 min candle closes below 44EMA
- SL can also be maintained as 3% or closing below the low of the breakout candle
The levels mentioned...
Stock Name - Sumitomo Chemical India Ltd
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 535
#This is not Buy and Sell recommendation to any one. This is for...
Ascending triangle pattern
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