SWING IDEA - SHREE RENUKA SUGARRenuka Sugars , a leading sugar manufacturer in India with a strong presence in ethanol production, is showing a promising swing trade setup.
Reasons are listed below :
53 Zone Breakout : The 53 zone, a previously strong resistance, has been breached, indicating potential upward momentum.
Bullish Marubozu Candle on Daily Timeframe : A bullish marubozu candle has formed, reflecting strong buying pressure.
Crossing 52-Week High : The stock is crossing its 52-week high, signaling strength and potential continuation of the uptrend.
Volume Spike : A noticeable increase in volumes suggests strong market participation, further supporting the breakout.
Target - 65 // 75
Stoploss - daily close below 45
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Renukasugar
RENUKANSE:RENUKA
One Can enter now!
Or Wait for a retest of the trendline(BO)!
Or Wait for a better Risk:Reward Ratio!
Note :
1. One should go long with a StopLoss, below the Trendline or the Previous Swing Low.
2. Risk :Reward ratio should be minimum 1:2.
3. Plan your trade as per the Money Mangement and Risk Appetite.
Disclamier : You are responsible for your profits and loss.
The idea shared here is purely for Educational purpose.
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Shree Renuka Sugar Clean BreakoutThe idea here is about Shree Renuka Sugar:
Shree Renuka Sugars Ltd is a fully integrated player focused on manufacturing and marketing of sugar, power and ethanol. The Products portfolio of the company includes: Sugar, the company manufactures refined sugar confirming to EU standards it is the higher end product consumed by European and African Countries and is also used for Industrial purpose.
1. Broken out of Symmetrical Triangle & retested with heavy volume at the time of publishing.
2. Navarro 200 Advanced harmonic completed from 26th May to 20th June 2022.
3. Trading above 20 & 200 EMA on daily chart.
4. Kumo Breakout & Kumo Twist on a daily chart is Strong for an upward momentum.
5. RSI is at 69.59 on a Daily Chart at the time of publishing.
6. MACD Way above signal line on daily chart.
7. Hull Moving & other moving average is a strong Buy Daily, Weekly & monthly chart.
8. Long Entry confirmed Target 1 achieved.
Projected targets as per Navarro 200 & Symmetrical triangle provided in the chart.
Stop Loss: provided in chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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Symmetrical triangle BO on Renuka Sugars daily chartSymmetrical triangle BO on Renuka Sugars daily chart, after a high of 47.75 on daily TF, the stock had a correction & has been consolidating since august, as per today's closing seems this is a Symmetrical triangle BO.
MACD seems giving +ve divergence, volumes are decent, RSI is around 54, good stock to watch out for in coming days, needs volume & RSI strength to see some good up move, resistance at 29.85 & 32.75.
Disc: Invested, chart for education purpose only. Not a reco for trading/investment