Stock was trailing downward since march and found good support. Stochastic is in favor. Pattern is also bullish.
Buy above 646 Target = 650, 653, SL = 641
#Illuminati
Premise:
Bullish divergence w RSI forming on D3
Bullish Swing failure pattern
Failed to close below support / high value node.
Setup:
Long at current market price
Targets marked starting w 709
Stop under 626.5
Risk to reward - 4.5
#GODREJCP is a long candidate for me. Its has completed the "abc" correction and with the Bullish Bat #harmonic it should be ready for its next leg up for. It has also formed sort of a double bottom here.
Buy 1302, Trgt 1325-30, SL 1298.
Buy 1351-2, Trgt 1361-5, SL 1344.
Rationale: Strong uptrend, FMCG, Consolidating in a small range, strong OI Put support at lower levels.
The stock seems to be breaking out of a good rangebound Cup and Handle after trapping longs in the previous break out! Can it sustain this time, let's see! The structure seems complete and strength could be seen in the counter going ahead!
Posted this study a couple times. Failed Harmonic Shark. Price corrected and took support at 100 DMA. Price now is reaching the crucial resistance zone. It is possible that a breakout may occur in a couple of days.
Have posted this study. Price is reaching the resistance level which coincides with a probable formation of Shark Pattern. Logical target is earmarked.
Strong bullish stocks do correct, since traders book profit. It does not mean that trend has changed. Correction in price and trend change are not to be confused. Smart traders will wait with lot of patience for...
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GODREJCP
