DOLLAR INDUSTRIES Has a good chart setup with a strong supportDOLLAR INDUSTRIES Has a good chart setup with a strong support near 470
Only concern is 11th Nov earnings date, Might be volatile that day.
Upside Target in DOLLAR expecting is 590/630
Dollarindustries
DOLLAR Industries Daily timeframe analysis for long term
NSE:DOLLAR about to breakout 450 level.
We can see long term move above 451 with SL of 415 and can average till 427.
Major targets levels are highlighted in blue lines.
DOLLAR INDUSTRIES HIGH MOMENTUM TRADENSE:DOLLAR broke out from a major rising wedge pattern. Price did attempt a breakout prior to this but it could not sustain. Likewise, price gave a fake breakdown before giving a proper breakout and releasing huge momentum (25-30% in 1 week).
Strong volumes towards virgin territory is another bullish sign in favor of this trade playing out.
One may skip this trade because price has already moved 15% post breakout, But any small consolidation or a considerable retrace in price is a golden chance to enter and ride this momentum.
Keep this stock in a watchlist. Don't miss out this beautiful trade. Lookout for any kind of retracement or consolidation and enter blindly. Potential 1:3, 1:4 Risk reward trade.
Targets: 600/700/850+
sl: below 465 *as per price action (Opt for a more dynamic sl once price retraces to a lower level near breakout highs)
Position size accordingly. WAIT FOR RETRACE. DON'T JUMP IN. LET GO OF THE TRADE IF PRICE CONTINUES TO RALLY IN ONE DIRECTION.
HAPPY TRADING!
