Brief about the company : McLeod Russell India Ltd. is engaged in cultivating, manufacturing, and selling tea. It works through the following geographic segments: India, Vietnam, Uganda, Rwanda, the United Kingdom, and others. The estate covers 27,360 hectares and produces the best tea in the world. It also produces 73 million kilograms of perfectly Blended tea...
The price action that was trading in a downward trendline has now finally breaks out from the downward trending line, indicating high buying pressure and bullishness. Target: 197-200 Stoploss: 175
We have seen a five wave impulse from the low of 129 to the high of 220...Scrip is in correction mode now. We will assess how the correction progresses....If the move from 129 was an impulse we should hold the low of 129....Violation of 129 will set in tripple correction....Strategy is to buy @ 50% & add @ 61.8% retracements and hold with stop of 125..
As per my analysis, I believe Wave 1 cycle (containing 5 impulse waves and 3 corrections waves, total 8 Waves) has completed and the buyers have moved in to take prices further up for a new wave. It will be a Wave 3 impulse extension. I believe it is a good time to get long in this one for all day traders, swing traders and investors. Initial RISK/Reward =...
Buy on dips..After High of 386 we have completed a double correction at the low of 129.05....If the correction is over we can see stock making new highs in coming years..Violation of the low of 129.05 will set in tripple correction....Strategy is to buy on dips expecting new highs with SL @ 125