DIXON again looking bullish?
Updated
DIXON fell almost 13% but recovered back above SMA50 and 38.2fib back inside the rising channel. Almost 900 points off the bottom. Should look for further upside after posting brilliant earnings report.
Dixon Technologies is currently trading within a well-defined upward channel on the 4-hour chart, suggesting a bullish trend. The stock has touched key resistance levels in the range of ₹14,370 to ₹15,490, which could act as a potential upside target. However, there’s a notable cautionary signal—an invalidation level marked below ₹12,950. If Dixon closes below this level, it could signify a breakdown from the channel, indicating a possible bearish reversal.
Supporting the bullish sentiment, Dixon recently announced impressive earnings on October 24. The company outperformed market expectations, reporting revenue of ₹115.34 billion, which is 27.56% higher than the anticipated ₹90.42 billion. Additionally, the earnings per share came in at ₹34, beating estimates of ₹32.33 by 5.16%. This strong financial performance indicates robust business growth and highlights Dixon’s ability to capitalize on demand.
Overall, while technical indicators suggest the stock is poised for potential gains, investors should remain vigilant of the invalidation level as a risk threshold. If Dixon maintains its upward trend, supported by solid financials, it could continue to attract buyers, but caution is advised near the lower channel boundary.
Dixon Technologies is currently trading within a well-defined upward channel on the 4-hour chart, suggesting a bullish trend. The stock has touched key resistance levels in the range of ₹14,370 to ₹15,490, which could act as a potential upside target. However, there’s a notable cautionary signal—an invalidation level marked below ₹12,950. If Dixon closes below this level, it could signify a breakdown from the channel, indicating a possible bearish reversal.
Supporting the bullish sentiment, Dixon recently announced impressive earnings on October 24. The company outperformed market expectations, reporting revenue of ₹115.34 billion, which is 27.56% higher than the anticipated ₹90.42 billion. Additionally, the earnings per share came in at ₹34, beating estimates of ₹32.33 by 5.16%. This strong financial performance indicates robust business growth and highlights Dixon’s ability to capitalize on demand.
Overall, while technical indicators suggest the stock is poised for potential gains, investors should remain vigilant of the invalidation level as a risk threshold. If Dixon maintains its upward trend, supported by solid financials, it could continue to attract buyers, but caution is advised near the lower channel boundary.
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#DIXON so far high of 15035 from 13950 in two days.
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