Esab India
Seems got support in 50ema
2 times moved up from 50ema support
and formed an uptrend
3 rd time testing 10ema suport@5850 levels
If a good volume supports stock could be
go higher levels..
Purely for study purpose! Not a recommendation!
Target expected..6200
Stop 5700
Risk reward 1:1
Strong fundamental pick
Ever bull uptrend pattern..
ESAB India...
NSE: ESABINDIA is closing with a bullish reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been consolidating for the past few days which is indicating demand.
One can look for a 8% to 11% gain on deployed capital in this swing...
Very simple setup.
We can see a Clear breakout above 2500, with good volume.
Stock can reach up to 2800 levels in the coming several sessions.
Below 2350 We can expect weakness.
Happy Trading
SHORT TERM INVESTMENT OPPRTUNITY ON ESABINDIA
Esabindia had given a multi year all time breaakout on 14/12/2020 but then price consolidated in a range forming a type of decending triangle and today on 03/02/2020 given a new breakout with above average volumes.
eARLIER A TRAINGULAR BREAKOUT AT 740 LEVELS NOW AT IMP SUPPLY ZONE ONCE CROSSES 945...1200 COMING ON BACK OF EXCEELENT RESULTS FUNDAMENTALLY AND CHARTS ALSO ON THE VERGE OF BREAKOUT.
