The stock has reached lower trendline and may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near swing high.
Bullish Alt Bat
VERTICAL DOTTED LINE is Ultra high volume down bar
Higher volume-Professionals are buying into the public selling
If this Bearish move is True we need to get INCREASING VOLUME on every down bar ,but here there is DECREASING VOLUME with NARROW SPREADS
Within 3-5 price bars need the confirmation from a Bullish CANDLE with RSI ABOVE 30
POTENTIAL BUY
Confluence of Daily & 4HR BULLISH Bat LEVEL STRONG POTENTIAL REVERSAL ZONE
Price need to follow GREEN TREND LINE and hit Target 1 & 2 , else if Price BREAKS RED TREND LINE is EXIT
POTENTIAL BUY
CMP 769.60
Accumulate till 735
Sl 725
Targets Marked 🎯
Volume also show strength💪
In case sl hit i suggest not to exit it can give recovery.
Do your position sizing & consult your advisor.
DATE: 18 MAY 2021
INSTRUMENT: SUDARSCHEM
TREND: BUY
TIME FRAME: day
CMP: 667.85
BUY ABOVE: 677
STOP LOSS: 655
TGT 01: 700
DISCLAIMER:
We are not S E B I registered analysts. Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever.
Sudarshan Chem-This one flies up vertically and then consolidates for 2-3 years. Looks like to fly vertically is soon. Will it. m RSI crosses 60 despite a carnage in last 5 sessions.
DISC: Not a SEBI Registered. I post charts for my own study.
Sudarshan chemical is forming extremely bullish patterns.
below are the reasons which corroborate my hypothesis
a)The multi-year trendline is at 500 levels.
b) Cup & Handle pattern is on progress right now
c) Bullish hidden divergences can be seen
d) Weekly price closing above 505 will bring STRONG momentum on the stock
My target for this stock is in 4...
Sudarshan chemical looks set to cross it previous all time high made in 2018 and do some more. Stock has bullish pattern on weekly basis. Crossed pre corona high of Jan 2020.
