The chart is self-Explanatory :) If it helps you in anyway, give us a like and a follow :)
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Observation: The price broke and closed below the support. the immediate next candle brought it back up with a long lower wick and more than average volume. Now if the price moves higher, the bears will be trapped.
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And we finally have a strong Bullish Engulfing on weekly Support.
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- Despite the correction phase in Indian Markets, We saw a good 8% up move. - Given that the price action is on Weekly TF, we will hold it through the market correction phase for a bigger positional target. (With a stop loss of course)
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15% In !!
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Another 8% In !!
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We have reached a resistance:
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A crucial point for Berger paints. A breakout will break both the trendline and the zone.
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Update: - The company has declared a 1:5 bonus issue. Saturday, 23rd September, 2023 is the RECORD DATE - So far we have captured 25% returns since this analysis was posted. The price is consolidating at the resistance level which is a good sign.