COCHINSHIP - Bullish Consolidation BreakoutNSE: COCHINSHIP is closing with a bullish consolidation breakout candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 12% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
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Disclaimer:
This is for educational purposes only.
COCHINSHIP trade ideas
Cochinshipyard resistance breakout waitingCochinshipyard resistance breakout expecation above 498
Resistance trendline is there... 498 above sustain then hope for bulls..
Tripple bottom support area around 460 level
Charts for Educational purposes only
Please follow strict risk reward and stop loss if you follow my level
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V Trade Point
COCHIN SHIPYARD PRICE ACTION PLAYFantastic Stock rally taken place in Cochin shipyard. All Important Levels marked for study purpose. Now trying to form VCP pattern in 4 HRS chart. Also check volume for next break out level. Stage 2 level is valid for Cochin Shipyard. Happy learning with Swingtradeacademy.
Trend line BreakoutStock price has broken out from the downward sloping trend line on the weekly chart.
Stock price has broken out on the daily chart where it is trading at highest level since may 2022.
Primary trend of Stock is positive as it is trading above its 50,100, and 200 day moving averages.
plus DI is trading above minus DI while ADX line is placed above 25 and started rising. Indicating stock price is likely to gather momentum in the current uptrend.
Momentum oscillators like RSI and Mf1 are in rising mode and placed above 60 on the weekly chart, indicating strength in the current uptrend.
Considering the Technical evidences discussed above, we recommend buying Cochin shipyard at cmp of 364 tgt 405/420
Cochin Shipyard might not remain laggard in the weak market.Entry in Cochin shipyard Ltd. can be taken after closing above 358.5. Targets will be 382 and 401. Long term target (12 to 14 months) in Cochin shipyard will be 428+. Stop Loss should be maintained at closing below 280. Cochin Shipyard is a medium to long term investment idea. Negative aspect of the stock is the net profit which has been below par for last two years or so. Valuation of the stock is cheap as the stock trends at a PE of 8. The positive aspect of the stock is that it is a low debt PSU with Zero promoter pledge where MFs are increasing their stake. The momentum in price is good, Annual Net profits are increasing company has posted a good result which was above expectation of many experts.