Shree Renuka Sugar has given a breakout From a Ascending Traingle pattern and is expected to give a
100% returns in span of 3-6 months
Now a days the sugar stocks are very overwhelming to buy because of the government pressure of rising the ethanol capacity
So sugar stocks are also expected to give good results
Thank you
Symmetrical triangle BO on Renuka Sugars daily chart, after a high of 47.75 on daily TF, the stock had a correction & has been consolidating since august, as per today's closing seems this is a Symmetrical triangle BO.
MACD seems giving +ve divergence, volumes are decent, RSI is around 54, good stock to watch out for in coming days, needs volume & RSI strength to...
price is at a crucial support point which includes the following.
50 EMA,
.618 FIB RETRACEMENT,
AND TRENDLINE SUPPORT.
WAIT FOR THE PRICE FOR FURTHER decisions before taking position into the stock
Long time Trendline breakout with volume. Targets of 23,32 with SL of 9 in short to mid term.
☠️☠️☠️
Above ideas are for educational purposes only, kindly consult your financial advisor before investing.
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Investors looking for a long term investment can enter this stock at current levels for a potential upside of 20Rs with a resistance at 12.5/13 levels.
Duration 10 to 12 months.
Before entering any position do your own analysis.
