Deepak Nitrite Breakout of wedgeThe idea here is about Deepak Nitrite:
Deepak Nitrite is a leading manufacturer of organic, inorganic, fine and specialty chemicals. The company`s product range includes a spectrum of chemicals which caters to a wide range of industries including Colorants, Agrochemicals, Pharmaceuticals, Rubber, Specialty & Fine chemicals.
1. Broken out of Falling Wedge on a weekly chart at the time of publishing.
2. Retesting of support line & breakout point completed on a daily chart as per below image. However, would recommend for a weekly retest of the breakout point.
3. Support established on 20 EMA & 200 EMA on a daily chart as per above image.
4. Trading above 20 & 200 EMA on Weekly chart.
5. Bearish Sea Pony (Advanced Harmonic pattern) formation on a weekly chart.
6. Sea Pony Pattern: Explained in the below image.
7. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily & monthly chart is Strong for an upward momentum. However, weekly chart is on a strong downward momentum at the time of publishing.
8. RSI is at 50.78 on a weekly Chart at the time of publishing.
9. MACD Way above signal line on weekly chart.
10. Hull Moving average on a daily & weekly is sell & on a monthly chart is a buy other moving averages are strong buy on Daily, Weekly & monthly chart.
11. Wait for retest completion for long entry. However, keep in watch list for the week & alert for price momentum.
Projected targets as per Sea Pony Pattern provided in the chart.
Stop Loss: Enter long only if retest & upward momentum continuation.
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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