HEY FRIENDS,
Here I am sharing my views on ELECTROSTEEL CAST (NSE).
First we understand the overall past structure of this stock as per ELLIOT WAVE counts.
The stock was in double correction phase in the Wave structure as WXY which is now completed and now we are in Impulse wave structure of 1-2-3-4-5, in which Wave 1 and 2 are completed and now we are unfolding bigger wave 3 of impulse wave 1-2-3-4-5.
The overall structure is given below
Now as per price action and chart patterns, the stock has given a breakout of FLAG N POLE Chart Pattern with good intensity of volume in weekly time frame.
This pattern suggest that the stock may move towards north approx. to the size of pole.
As we see that there is bullish bias for this stock, the supporting indicators such as MACD, BOLLINGER BANDS and DIRECTIONAL MOVEMENT INDEX are also in our favor in double time frame.
MACD in Daily Time Frame - Positive Uptick
MACD in Weekly Time Frame - Positive Uptick
At the time of Breakout, the Price is Challenging Upper Bollinger Band
Directional Movement Index is also Positive Uptick in weekly time frame
Summary-
The Stock is in Uptrend and now this stock is ready as BUY ON DIPS so one can add this stock in their portfolio at any dip you get with the Stoploss of 26.50 RS
Thank you
-KARAN DINGRA
DISCLAIMER -
I am not a SEBI registered analyst.
All my studies are for educational purpose.
I am not responsible for any kind of your profits and losses.
Here I am sharing my views on ELECTROSTEEL CAST (NSE).
First we understand the overall past structure of this stock as per ELLIOT WAVE counts.
The stock was in double correction phase in the Wave structure as WXY which is now completed and now we are in Impulse wave structure of 1-2-3-4-5, in which Wave 1 and 2 are completed and now we are unfolding bigger wave 3 of impulse wave 1-2-3-4-5.
The overall structure is given below
Now as per price action and chart patterns, the stock has given a breakout of FLAG N POLE Chart Pattern with good intensity of volume in weekly time frame.
This pattern suggest that the stock may move towards north approx. to the size of pole.
As we see that there is bullish bias for this stock, the supporting indicators such as MACD, BOLLINGER BANDS and DIRECTIONAL MOVEMENT INDEX are also in our favor in double time frame.
MACD in Daily Time Frame - Positive Uptick
MACD in Weekly Time Frame - Positive Uptick
At the time of Breakout, the Price is Challenging Upper Bollinger Band
Directional Movement Index is also Positive Uptick in weekly time frame
Summary-
The Stock is in Uptrend and now this stock is ready as BUY ON DIPS so one can add this stock in their portfolio at any dip you get with the Stoploss of 26.50 RS
Thank you
-KARAN DINGRA
DISCLAIMER -
I am not a SEBI registered analyst.
All my studies are for educational purpose.
I am not responsible for any kind of your profits and losses.
