JULPHAR | Bullish trend with anticipation of retracement
Observation Summary:
Strong bullish Bias. On Jan 15, 2024, this stock got flagged as a volume leader. The price also broke above 200 EMA. Within 2 days, price broke the resistance of 1.17, with strong bullish candles. As per Hieken candles the trend is bullish continuation. Price is heading towards next resistance at 1.41 and 1.49. Price is also respecting the bullish trendline.
Anticipation:
~ Price has made a sudden increase but it is due for correction or retracement. It is aticipated that price might reach 1.49 but then retrace to the region of 1.29 till 1.31.
~ There is bearish divergence seen on 1H, 4H and 1D timeframes.
~ Also bearish divergence is noticed on volumes along with ABCD bearish reversal pattern on 1H.
~ All these signals hint towards price retracement and correction as people will book their profits.
~ But be concious for bullish trendline breakout as a confirmation for divergence.
~ If you have purchased at the time, EMA200 was broken then stay in the trade.
~ If you want to enter, then wait till price tracement goes to 1.29 till 1.31 level.
Trade Plan:
~ PLAN A: Long (@ Market)
~ EN: 1.11, QTY 200
~ SL: 1.05, TP: 1.49, RR: 6.3
~ PLAN B: BUY LIMIT Entry 1.29, QTY 200
~ SL: 1.17, TP2: 1.76, RR: 3.92
Strong bullish Bias. On Jan 15, 2024, this stock got flagged as a volume leader. The price also broke above 200 EMA. Within 2 days, price broke the resistance of 1.17, with strong bullish candles. As per Hieken candles the trend is bullish continuation. Price is heading towards next resistance at 1.41 and 1.49. Price is also respecting the bullish trendline.
Anticipation:
~ Price has made a sudden increase but it is due for correction or retracement. It is aticipated that price might reach 1.49 but then retrace to the region of 1.29 till 1.31.
~ There is bearish divergence seen on 1H, 4H and 1D timeframes.
~ Also bearish divergence is noticed on volumes along with ABCD bearish reversal pattern on 1H.
~ All these signals hint towards price retracement and correction as people will book their profits.
~ But be concious for bullish trendline breakout as a confirmation for divergence.
~ If you have purchased at the time, EMA200 was broken then stay in the trade.
~ If you want to enter, then wait till price tracement goes to 1.29 till 1.31 level.
Trade Plan:
~ PLAN A: Long (@ Market)
~ EN: 1.11, QTY 200
~ SL: 1.05, TP: 1.49, RR: 6.3
~ PLAN B: BUY LIMIT Entry 1.29, QTY 200
~ SL: 1.17, TP2: 1.76, RR: 3.92