RALLIS India Monthly chart - Double bottom at 139 and Double top at 296, which it has crossed with volume. Current correction is expected to touch 300 again.....may be tomorrow. Good entry point as it will now become a very strong support. Multi-year breakout with supported by volumes. Good business( pesticides and chemicals) and at relatively fair valuations (27x PE).
Decent correction from high's 0f 395 has happened, took it sweet time but respected 0.38% retracement.
Seems like 5th has started today,showed lot of strength in a correcting market, though volumes were not too high as the move came in the last hour. Bullish candle formed.
Keep a stop of 343-345 and go long here. It could give 20% returns and reach 435 next.
SPICEJET - Weekly view
There are three trade scenarios here -
1) It will cross the upper trendline in the current move, hits previous high of 108, giving 38% return. Eventual target seems to be 138, will be more clear once it comes out of channel.
2) It hits the trendline at D(88.20), it will give 10% return this (most likely) week. and then reverses down
After the IPO in late 2019, it has been in a downtrend. I am not sure if i captured the correction wave accurately but it seems the new primary is underway and 5th will be an extended wave, taking it back close to its IPO price.
There is a sectoral trend as well - ICICI Sec, MOSFL, Angel as well as AMC like Nippon are showing traction.
Also Pole and Flag pattern...
The ferocity of 1st of the 5th suggests that retracement for 2nd would complete at 0.38 and hence should end at sub 5000 levels. Overall, the 5th seems to be ending at 6700+ levels.
Disclaimer - This analysis is for you (the reader) to critique and point out errors in judgement, and in the process, making us both learn more.
Well, everyone was waiting for RELIANCE AGM and market verdict was 'disappointing'. This should have a rub-on effect on BHARTI in the days to come.
I would like to play this pattern on the upside - potentially looking at 850 in the long run(this is weekly chart).
Lets see how this thesis plays out.
Weekly charts are showing that 5th wave is going strong. Once 485 resistance is broken, we can see 550 in June series and eventually 588 on the cards. An extended wave could well hit Rs 850.
Education purposes only. Just studying EWP, please correct / add your comments / opinion.