-v shape recovery and neckline breakout
-Also all time high breakout with strong candle
-Volume rising in lower time frame
-No sharp selling from resistance area
After a big rally consolidated the stock, and trying to give a breakout from the Bullish Symmetrical Triangle pattern. Possible upside movement expected from current levels 1400 with risk of 10% , 1280 .
Second run is going to start in Venus pipe 😀 . Ascending triangle breakout on weekly chart. Long on this chart as whole sector is breaking out on same time.
The stock has been in an uptrend since its listing.
In February 2024, the stock cleared its recent consolidation phase by clearing its previous all time high, along with Weekly MACD crossing above its Trigger line.
Past price behavior suggests that rally could be strong and quick.
Conservative target (decreasing FR sequence) is around 2800.
Bullish view...
Date : 02-03-2024
Buy Venus Pipes above 1925
Target of 2041, 2157, 2381, 2616, 2847
SL 1440
Strategy : SBO + RSI > 60 + EMA above 20 & 50
Duration few Weeks To Months
Please consult your financial advisor before investing
All research for educational purposes only.
Stock is ready to cross past barriers with good volumes
#VENUSPIPES
It is a manufacturer and exporter of stainless steel pipes and tubes.
Market Cap₹ 3,417 Cr.
ROCE 22.9%
InstHold 13.1%
Growth YOY :-
SALES 52%
PAT 106%
Bluesky Breakout with Volume.
Stock in uptrend
Creating life time high
Profit booking in stock
Mentioned Target in chart
No recommendation for buy and sell
1500 is good support for the stock
About Company:-
Venus Pipes & Tubes Limited is a manufacturer and exporter of stainless steel pipes and tubes. The company is manufacturing stainless steel tube products in two broad categories - seamless tubes/pipes and welded tubes/pipes under which five categories of products are manufactured namely, stainless steel high precision & heat exchanger tubes,...
Chart is showing everything, what it is not showing is Targets and SLs and other indicators. I am terrible with targets so find it yourself. Now let's talk about SLs, First at 6% and next 9%, now you can Accumulate at 6 and sell at 9 or Sell at 6 or Sell at 9, it's totally upto you. Other indicators are bullish. Volume is good. And 'I' think it's enough to trade...
With the stock nicely consolidating. THe co has done 3x capex along with backward integration.
The stock will have a triangle breakout above 1450 and a more confirmed one above 1480.
There will also be a new high breakout above 1590.
Long above 1480 & double up above 1590.
SL for the first trade below 1330 and next trade trailing the 50EMA.
Venus pipes forming triangle pattern, company is growing good and technically also seems good. Target 1920 from CMP.
🚨 DYOR
🚨 SL must it depends on your risk appetite
With capacity expansion..backward integration plus low base YOY on results..
The stock has all the ingredients to do well..
The setup too is saying its primed to breakout after a 3 month consolidation.. (Triangle breakout)
Long above 1415 with a double up above 1485.
Stoploss of the first trade at 1290 ideally but for shorter term traders either below 1330 or...
Venus pipe capacity expansion by from 12000 tonnes
To 36000 tonnes will be operational by end of fy23
Or fy24 Q1
And Ashish kacholia bought 4lakh quantity at 750₹
Looking good for long term or midium term
I think easily 1:2 Target achieve after Target book half money that you invest
My EMA indicator is throwing super bullish signal for this stock.
All the EMA are inline and the high before all the crossovers is taken out.
Big positive confirmation candle can be seen.
50% off load when 20 EMA is crossed under and rest around 200 EMA on closing candle basis.
