POLYPLEX !! seems bottom is createdPOLYPLEX !! seems bottom is created and trading above high of candle having highest ever volume.
Polyplexlong
Polyplex Corp: Analyzing Wave (5) Projection and SupportTechnical Analysis of Polyplex Corporation Ltd.
Elliott Wave Counts and Structure
The chart illustrates a possible Elliott Wave count on a weekly time frame, identifying key waves and corrective patterns. Here’s a detailed breakdown:
1. Primary Wave Structure:
- The chart shows an unfolding five-wave impulsive structure, with Waves (1) through (4) completed, indicating a bullish phase followed by corrective waves.
- Wave (1) is observed in November 2010, and Wave (2) is identified around September 2013.
- Wave (3) peaks significantly higher than Wave (1), indicating a strong bullish phase, and completes near April 2022.
- Waves 1, 2, 3, 4, and 5 within Wave (3) are clearly marked, showing the internal structure of this impulsive wave.
2. Corrective Waves:
- After the peak of Wave (3), the chart illustrates a complex corrective pattern labeled as W-X-Y-X-Z.
- This correction appears to end at Wave (4), indicating the start of a new potential impulsive wave (Wave (5)).
- The corrective waves show significant price declines, characteristic of Elliott Wave corrections.
3. Current Scenario and Target:
- The current price action suggests the initiation of Wave (5).
- The target for Wave (5) is projected to be above the high of Wave (3), which is near 2880 INR.
- An upward arrow indicates the bullish outlook, projecting the price towards this target level.
4. Invalidation Level:
- An invalidation level is marked at 751. If the price falls below this level, the current Elliott Wave count and bullish scenario would be invalidated.
- This level acts as a critical support, below which the wave count may need to be re-evaluated.
Summary and Considerations
- Bullish Outlook: The primary analysis suggests a bullish wave (Wave (5)) is underway, targeting levels above the previous high of 2880.
- Key Support: The invalidation level at 751 is crucial for maintaining the bullish scenario.
- Risks: As noted in the disclaimer, Elliott Wave Theory involves multiple possibilities and inherent risks. It's important to consider this analysis as one potential scenario.
Investors and traders should consult with financial advisors and consider broader market conditions, as well as other technical indicators, before making investment decisions based on this analysis.
This analysis provides an educational perspective on using Elliott Wave Theory for Polyplex Corporation Ltd. and highlights the importance of monitoring critical price levels to validate the wave counts.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
An undervalued stock ready to breakoutAn undervalued stock in the packaging industry, Polyplex has been stressed in this bull run and is currently trading below its book value.
Volume is building up and DMI indicates buyers momentum building up. Any move above 1100 should propel the stock price upwards from here
Entry - 1100
Will update SL and Target once trade is triggered
Polyplex can playwell from herePolyplex Corporation Ltd. has the 7th largest capacity of polyester film globally. The company supplies it’s products to 2650+ customers in 75 countries across Europe, America, Far East, Asia Pacific, Middle East and The Indian sub-continent.
Polyplex Corporation CMP is 1357.65. Negative aspects of the company are declining annual net profits, declining cash from operations annual and FIIs are decreasing stake. Positive aspects of the company are no debt and zero promoter pledge. dividend yield of Polyplex at CMP is 7.8%.
Entry can be taken after closing above 1364. Targets in the stock will be 1395 and 1439. Long term target in the stock will be 1487 and 1536. Closing above 1537 can take a stock to very long-term target of 1650. Stop loss in the stock should be maintained at closing below 1263.
