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SYNGENE trade ideas
Syngene bearish pattern formingA head and shoulder pattern seems to be in formation.
The neckline based on the left recession and head recession at 756.9 & 763.05 is slightly upwards trending (would have preferred this to be downwards for a stronger bearish sentiment).
The region of 763.2 to 785.8 seems to be a relevant area, where the stock has spent a considerable time since 28th June 2023. Approximately 52 days in the 103 day period (~50%) from 28/6/2023 has been spent at this region.
This region acted as a strong resistance area initially i.e. before the left shoulder formation and after that has been a support area for the two recessions from the left shoulder and the head.
The Fib retracement level of 0.618 is a part of this region and there has been considerable activity around this region.
The neckline and the 0.618 fib level cross at around the level of 770. This would be the trigger price to start checking for a bearish confirmation. A significant volume breakdown to and below the level of 763 would suggest a strong bearish signal.
MAY RISK 2.5% IN NSE:SYNGENE INTERNATIONALwhenever a stock rally near or at ATH never look for the retracements instead look for valid pullbacks , so, by which can join the rally. Here, NSE:SYNGENE is given an opportunity to participate in the rally by risking 2.5% for the gain of 8.5% or even more and can enter the trade above 28/08/2023 candle's high by placing strict stoploss below the candle's low.
Syngene international view for tomorrow 8th AugSyngene international view for tomorrow 8th Aug
842 above expecting upside move... 833 area will be having support...so better to keep sl for that area depends upon the intraday view for tomorrow
Follow strict risk reward and stop loss
Charts for Educational purposes only.
Thanks,
V Trade Point
Syngene - Breakout after a long timeAfter facing resistance at 640-660 zone, NSE:SYNGENE has finally given breakout.
The Company is also an Easy Earnings Comparison candidate with better visibility of June quarter results.
Easy Earnings Comparison is a case where the probability of reporting bumper results in the next upcoming quarter is high. The concept of EEC is explained in the book ‘Insider Buy Superstocks’ by Jesse Stine.
Syngene breakout on daily chartThe series of consolidation patterns can be an indication that the stock is gearing up for a significant move, and trading above all key moving averages can suggest a strong bullish trend. Finally, the recent all-time high breakout is a clear signal of the stock's upward momentum.
Remember to always trade with caution and to carefully consider your risk management strategy before making any trades. Happy trading!
Syngene International Ltd.Syngene International Ltd.
C&H Pattern: Monthly Basis
Price BreakOut. Need to be Watched. If Sustain, Then Good to Go!!!
Vol. BreakOut & Continued BuiltUp.
*With Upside, Trail SL*
*Book Profit as per Risk Appetite*
*Do Your Own Research as Well. This is Just an Opinion.*
Happy Investing :)