Overview:
The daily chart for Shreyans Industries Ltd. (SHREYANIND) highlights key price action levels, corrective wave patterns (b, (B), (C)), and a breakout above trendline resistance. A bullish setup is forming with promising targets ahead! 📈
- Key Levels and Zones:
- Wave Analysis:
Corrective wave pattern identified as b, (B), and (C).
Price is currently progressing within Wave (C), signaling potential upward movement. 📈 - Golden Retracement Zone:
Trading within the critical support zone: ₹228–₹270.
This zone acts as a foundation for the next significant move. 🟢 - Trendline Resistance and Breakout:
Price has broken out of a key trendline resistance drawn from the peak of Wave (A).
Currently retesting the trendline, now acting as support—a classic bullish indicator. 📈 - Targets and Stop Loss:First Target: ₹316 🎯
Second Target: ₹361 🎯
Stop Loss: ₹215.87 (Day Close) 🛑 - Volume Analysis:
Increased volume during breakout confirms strong buying interest. 📊
📈 Trading Plan:
Entry:
Enter a long position near the retested trendline resistance, now acting as support, within the ₹228–₹270 zone.
Targets:
First Target: ₹316 🎯
Second Target: ₹361 🎯
Stop Loss:
Place a stop loss at ₹215.87 to limit downside risk. 🛑
Short-term Trading Opportunity:
The breakout and retest of the trendline resistance provide a solid setup for short-term swing trades or FN strategies. The bullish sentiment supports higher targets.
Conclusion:
This trading plan combines Elliott Wave analysis, trendline breakouts, and volume insights to offer actionable opportunities. Monitor the Golden Retracement Zone and trendline for confirmation of continued strength.
Disclaimer: This analysis is for educational purposes only. Perform your own research or consult a financial advisor before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.