Havells India Double bottom BreakoutThe idea here is about Havells India:
The company is engaged in the business of Switchgears, Cable and Wires, Lighting and Fixtures, Electrical Consumable Durables.
1. Engulfing candlestick formation on a weekly chart at the time of publishing.
2. Neckline broken on Double bottom pattern with good volume & may retest the neckline.
3. Downtrend Channel broken & retested the breakout.
4. Trading way above 20 & 200 EMA.
5. Kumo Breakout, Tenken-Sen price cross & Kijun-Sen price cross on a weekly chart is Strong for an upward momentum.
6. RSI is at 63.51 on a weekly Chart at the time of publishing.
7. MACD Way above signal line on weekly chart.
8. Hull Moving Average is a Buy Signal on Weekly & monthly chart and sell on daily which indicates the retest of neckline retest.
9. Enter long or wait for retest of neckline support. In, any case keep a price alert.
Projected targets as per double bottom & Downtrend channel provided in the chart.
Stop Loss: provided in chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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