1). Demand Zone(800-765)
2). Bat Harmonic Pattern
current price-866.
as per analysis it will come 800 -765 levels and bounce back again.
first target is 38% of retracement 900.
second target 61.8% of retracement 956.
On a short term perspective Graphite managed to close above 2/1 line yesterday. 955 will be the support and short/ intermediate term target will be 1110
25 Weeks of consolidation;
1st leg 36%
2nd leg 26%
3rd leg 21%
Broken out of consolidation zone with good volumes.
Look to buy at the breach of 1030 with a stop of 930.
Target 1200 plus.
My take on Graphite: Graphite is expected to reach a level of 1300 by December 2018, depending on its fundamentals. However I don't advise to hold on the stock on the basis of my assumption. Further, please watch out for the level of 905 is not broken in short term.
Graphite India is forming descending triangle. If it tests the support level at 601 and goes below 600, there may be a downfall upto 540/550. In other way, if it crosses past the resistance, then it may go up to 900.
Graphite India Limited is engaged in the manufacturing graphite electrodes, graphite equipments, steel, glass reinforced plastic (GRP) pipes and tanks and generation of hydel power. The Company operates through three segments: Graphite and Carbon, Steel and Others. The Graphite and Carbon Segment is engaged in the production of graphite electrodes, other miscellaneous carbon and graphite products, including captive power generating units and impervious graphite equipment division. The Steel Segment is engaged in production of high speed steel and alloy steel. The Others Segment is engaged in manufacturing of glass reinforced pipes and power generating unit for outside sale. Its coke division is engaged in the manufacturing of carbon paste and electrically calcined anthracite paste. The impervious graphite equipment (IGE) Division is engaged in design, manufacture and supply of impervious graphite heat and mass transfer equipment, and turnkey systems.
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GRAPHITE
