Direct entry at demand area. Has the probability of taking out all the liquidity on the upside. Weekly looks bearish and might retrace to the weekly premium area after bearish impulse move.
It seems that Trident has completed a Flat 3-3-5 correction with wave 5 of C ended in ED.... Now it has started new Impulse or give a corrective wave B..... So it can be bought from here or on dips, as if it will cross 41 we can see immidiate Targets of 57-60.
Known the bears are coming back and the market in dilemma but Trident has a chance
Look at the divergence, Hope its saves with its strength !
Let see how it works
TRIDENT today broke the almost 1 year falling trendline with great volume.
Earnings are scheduled for 14-Nov, so looking for a good up move of 21-55%. There is a strong support at 33-35 region
Entry - 37-38
Target 1 - 46
Target 2 - 56
SL - 32.50
Study the stock clearly before entering.
Trident is looking good on daily chart by breaking a falling trendline resistance and closed above by following a closing above on it's 20 day moving average too with good gaining volumes so we can see coming good um moves in this stock very soon.
Cause of long-:
1- Falling trendline resistance breakout.
2- 20 days moving average breakout.
3- Nicely gaining volumes.
In weekly chart, Trident is showing weakness and forming bearish flag pattern.
Now consolidating since 3 months, if break down of its flag then new support at 23-27 as mentioned in chart itself. Keep eye on it.
Quarterly results is also squeezing.
NSE:TRIDENT Looks Bullish for Short Term on Daily Charts. BUY TRIDENT @ Rs 39.50 Targets Expected are Rs. 45.50 in the next 15 - 20 Trading day Stoploss placed below @ Rs. 36.50 NSE:TRIDENT
The chart show the wonderful short term strength. If tomorrow stock cross 43 mark with good amount of volume, then it may give good amount of return in short term.
Disclaimer: -
The above article is my personal opinion & it may be wrong, please do your research before investing.
Trident has formed a wedge patttern on weekly chart and given a breakout.Trident can be added positionally for a target 1 of 44.25 then second target of 49.1 with a sl of 35.
