Graphite India which had stellar upmove in 2017-18 giveup most of its gain in 2019-20 and dropped all the way from 1200 to 103.
After dropping to level of 103 stock moved up to 255 and came back to level of 160.
This level of 160 is near 62% retracement of previous rally and stock has also formed double bottom around the levels.
On friday price tried to move above neck level of 190 with high volumes.
On break of fridays high which is 193 stock provides short term trading opportunity with a target of 220.
Stop loss for this short term trade will be 175.
From long term point of view, stock is trading above the log term down trend line and formed a higher low around 160.
Considering the previous positive wave from 103 to 255, upmove which resumed at 160 levels should go up all the way to 400 levels as per Elliot wave theory.
One can consider stop loss below 160 for this long term trade.
After dropping to level of 103 stock moved up to 255 and came back to level of 160.
This level of 160 is near 62% retracement of previous rally and stock has also formed double bottom around the levels.
On friday price tried to move above neck level of 190 with high volumes.
On break of fridays high which is 193 stock provides short term trading opportunity with a target of 220.
Stop loss for this short term trade will be 175.
From long term point of view, stock is trading above the log term down trend line and formed a higher low around 160.
Considering the previous positive wave from 103 to 255, upmove which resumed at 160 levels should go up all the way to 400 levels as per Elliot wave theory.
One can consider stop loss below 160 for this long term trade.