Shree Renuka Sugars LimitedShree Renuka Sugars Limited
After a significant downtrend starting from December 2009, where it peaked at a high of Rs. 125, Shree Renuka Sugars Limited plummeted to a low of Rs. 3.3. The tide turned in March 2020 with a reversal in price, and by December 2020, it approached the descending trendline. It consolidated near this trendline for over 290 days, marking what Elliott Wave Theory identifies as its wave (i).
Breaking decisively above the falling trendline in April 2021 marked the beginning of wave (iii). By October 2022, wave (iii) concluded, with minor degree wave 1 ending around the same time. Subsequently, it entered a consolidation phase. Minor degree wave 2 appears to have completed by June 2024.
In my assessment, the company has now likely embarked on its journey for minor degree wave 3. However, there is a possibility it could revisit the 61.8% retracement level to complete its wave 2 consolidation.
On request of one of my follower
Disclaimer
It's important to note that investing in shares involves risks, and past performance is not indicative of future results. The information provided here is based on technical analysis and Elliott Wave Theory, which are tools used to analyze market trends but do not guarantee future outcomes. Investors should conduct their own research or consult with a financial advisor before making investment decisions.
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