Bullish saucer pattern in KPR Mills ( KPRMILL ) weekly chart
Hi All,
Hope you are doing well :)
A bullish saucer pattern is observed in on of the leading stocks in Textile sector ie: KPR mills.
More on Saucer patterns in the link below:
https://www.oreilly.com/library/view/timing-solutions-for/9781118339206/xhtml/sec23.html#:~:text=Saucer%20bottoms%20are%20found%20at,the%20demand%20for%20the%20stock.
The volumes are supporting the up-move which is a good indication. . The base formation in range of 500 to 650 for almost 1 year+ gives an indication of accumulation and script is in strong hands
The textile stocks have been consolidating for a while now which is good sign for gaining additional confidence that there is less downside.
India is focussing on exports oriented growth in this sector and policies are also supporting it.
The promotor holidng is 75% and FII, DII holidng is 17%. As just 8% is in public, the free floating shares are less which shows high demand in script.
Based on the on the height of the saucer levels of 1200 can show profit booking.
Based on Fibonacci, 950 1250 are the levels to watch out for now.
The targets will be revised based on the formation of chart structure.
Stop loss based on appetite can be below 620 on weekly closing basis
Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :)
Happy trading ;)
If you like my analysis , then do follow me for more updates, share my analysis, like it so others can also benefit from this :)
Hope you are doing well :)
A bullish saucer pattern is observed in on of the leading stocks in Textile sector ie: KPR mills.
More on Saucer patterns in the link below:
https://www.oreilly.com/library/view/timing-solutions-for/9781118339206/xhtml/sec23.html#:~:text=Saucer%20bottoms%20are%20found%20at,the%20demand%20for%20the%20stock.
The volumes are supporting the up-move which is a good indication. . The base formation in range of 500 to 650 for almost 1 year+ gives an indication of accumulation and script is in strong hands
The textile stocks have been consolidating for a while now which is good sign for gaining additional confidence that there is less downside.
India is focussing on exports oriented growth in this sector and policies are also supporting it.
The promotor holidng is 75% and FII, DII holidng is 17%. As just 8% is in public, the free floating shares are less which shows high demand in script.
Based on the on the height of the saucer levels of 1200 can show profit booking.
Based on Fibonacci, 950 1250 are the levels to watch out for now.
The targets will be revised based on the formation of chart structure.
Stop loss based on appetite can be below 620 on weekly closing basis
Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :)
Happy trading ;)
If you like my analysis , then do follow me for more updates, share my analysis, like it so others can also benefit from this :)
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Hey all,
Greetings of the day!
Today we see that KPR mills makes new all time high with good volumes. There is a fresh breakout possible in this week/month. Also textile stocks are shaping up nicely. I hope this momentum is just going to pick up in coming months ;)
Enjoy & Happy trading!
Greetings of the day!
Today we see that KPR mills makes new all time high with good volumes. There is a fresh breakout possible in this week/month. Also textile stocks are shaping up nicely. I hope this momentum is just going to pick up in coming months ;)
Enjoy & Happy trading!
Good to mention,
The company produces a wide range of products viz. yarn, fabric, garments, sugar, molasses, ethanol, automobile parts, and others. It has a presence across the textile, sugar, power, and automobile industry.
All the industries are high growth and company has smartly diversified its business.