BDL trade ideas
BHARAT DYNAMICS-After 68% return in 24 days time for correction.This script had been moving upwards in the channel at a decent pace forming an Ascending Triangle in the process. Last month once the Galwan valley fight started, that is when this defense stock gave a breakout of the Ascending Triangle and started racing on.
Since the breakout it has given a staggering 68% returns in 24 days.
The stock also continued in the broader channel and I thought the correction started day before but today's candle just hit the last nail in the coffin by breaking out and hitting resistance. On any other day, since this stock broke out of a channel, one would have expected it to race further but..
Nifty being at the peak is ready for some correction from next week (I've uploaded my view on the Nifty chart) and so will this stock.
The blue dotted lines are the support levels where you can book profits if you go short or if you think long term then would like to add to your portfolio.
555 by October 2021 HTF266.35 currently
I feel this baby can keep going up and creating new high's so if anyone is looking for a long term relationship with BDL now is the time to commit :)
To be honest did not dig deep into this it just had me at " LOW DEBT" :)
set to pop ...316 nextThought why not check out some defense companies since everyone is ready to kill each other, this is the first and it looks ready to pop on the 4hr
It's forming a bull flag i assume and we are setting up to break through 281.30 .
On the daily you'll see we got rejected by the 200 day on 3 occasions so obviously had to come back to refuel or see if the lower support holds.
252 held up nicely and now the range has gotten tighter. so SL 249.90 enter straight away and get off 315.85
The company has got very low debt and just missing out on the revenue :)
to sum up easy trade i feel so will keep an eye on this ...
shall upload HTF later ..
Price Volume ActionThe chart explains how we can read a trend breakout and price volume action which can be very helpful in identifying momentum.
