POWERINDIA - Confluence of weekly channel support and demand zone.
The stock has a high scalable business and good fundamentals.
One can add with a SL of today's low.
good evening friends stock is forming M pattern and can show donwward journey if not sustain above 3430 that ath level.
See video for detailed analysis.
see chart for technical
result is coming and chart is giving bullish pattern
may be if breakout happens then it can give 10 to 20 %
happy trading ,
Samkit Jain
The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 3:1
SL is placed below support zone & the lower trendline. The target is placed near resistance.
POWER INDIA - High strength structure
Look at the following points -
1. Shakeout at all time high to remove the weak longs.
2. Retest of the previous breakout structure
3. Fresh all time closing.
This strong stood strong during a correction. The odds of out performance are high here.
NSE:POWERINDIA Broke out of an ascending channel pattern. Price gave excellent momentum during breakout but it witnessed heavy selling pressure during market hours.
As a result, price left huge wick behind. Script should consolidate for some days before the next momentum candle because of the huge rejection at higher levels. Track closely.
Consider entering...
Beautiful Price Action. Looking good for Long. Will be Low risk entry if it does give retest at breakout level of 2520.
Target : 3025
For education purpose only...
Beautiful rising channel pattern. Good buying opportunity now for 2000 levels and with volume my give a further breakout and new heights. Stoploss below the channel treadline breakdown.
PS: Do your own analysis before trading :)
