April-May has shown considerable Upside movement June - July month is showing consolidation period ... prices has touched the red zone thrice ==> also showing breakout ( very high volume ) Daily chart is showing evening doji pattern .... Future price movement can be expected in two ways .. 1. legitimate breakout ... new consolidation zone around 740 ... at-max...
Amaraja Batteries currently below trend line and facing resistance. Possible trades: Incase if breaks the trend line (696), we can see strong uptrend towards 760-800 levels Incase if breaks 669, we can correction towards 655/645 levels. Add to watch list and trade as per trend
Only sustain at current levels - stop loss - 570
up move supported by volume, now price at critical point.
The yellow range is a weekly and daily resistance and stock has reached the the resistance levels, now is the time to actively watch the price action near this range. Important thing to note here is that when the prices are making higher high , higher low, rsi was almost flat. One more observation here is that in the start of rally, swings were not overlapping...
As you can see Amaraja batteries moving in Rising channel, cmp 756 and channel support is near 740, with respect to Bearish butterfly harmonic pattern , point no. A-B and if C holds @ 735 (where support trendline is also seen) it will again move up to complete the pattern. Target is coming around 835 with SL at 725 DCB. Risk to reward is 1:10 if we check Weekly...
Triangle correction is going on, lets see if it reverses @(E) which matches with .618 level.
#AMARAJABAT Evening Star at channel resistance @anish_sharmaaa
If it closes below 712 in daily basis, can go for short. Now perfectly in support, if we find some bullish reversal candle, long will be encouraged with a target of 890 in 25 to 40 days.
Amara Raja Batteries has been in a good fall this whole year. But citing the good future ahead for this business with push for reforms from government in Electric Vehicles, we can see this stock back in demand once it posts some good results and future road map for investors. Stock is currently at weekly support of 640 to 675, holding this support for couple of...