Amararaja Batteries- Its travelling in a channel. It BO the parallel Channel. Started moving Bullish. Target Marked as it will reach through it.
Disc- Not a trading recommendation. Only for learning purpose
My long side view on AMARA RAJA BATTERI NSE:AMARAJABAT .
Stock is trade above its major resistance which is 495. My view is to take entry once price retest level of 501, then hold till target of 576 & 607.
My stop loss will on only 470.
Note: This is my personal analysis, only for learning.
Thanks.
Good time to accumulate.
Price broke out of symmetrical triangle with weak volume, fake out likely.
Accumulate around 540-575 levels.
I don't see much downside but you may keep stoploss @ 530 (optional).
Swing target (corrective waves) is around 835 (45% ROI).
Positional target (cup with handle) is around 1700 (200% ROI).
Kindly do your own research before...
RSI bullish divergence, 780 acting as good support, at the verge of channel breakout, todays high volume makes me being bullish on amara raja. Positionally 20% swing trade is possible. SL could be below 690.
Entry at breakout of vhannel
T1 : 870
T2 : 960
SL : 690
AS YOU CAN SEE ITS FORMING A DESCENDING TRAINGLE KINDA PATTERN AND IF IT SHOWS WEAKNESS AT RESISTENCE LINE THEN SHORT FOR THE TARGET 920
FOR LEARNING PURPOSE ONLY.
Amara raja battery comfortable traded above 800 rupees this is a very strong resistance area so this is a good opportunity for long.
Buy at - 840
Stop Loss - 810
Target - 900
Pls Note:- This is only for educational purpose and demo trading
